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Friday, March 5, 2010

Friday updates

After the close, The bulls ran the day, even with the over-bought conditions of this morning they managed to slowly grind even higher thru-out the day closing near the highs. The most ironic thing was that the Russell hit 666, after the SPX bottomed last year at 666, it would be very strange if this is the top.
The trend remains up as we still have not started making lower lows, and the Elliott wave count is showing a completed structure, with over-bought conditions across the board. If this up-trend does not quickly reverse Monday morning, I am going to have to go back and re-evaluate the whole wave structure, but as of now I still have confidence in it, and we are only 3 points above the up-side I had targeted for the SPX.
Breadth for the day ended at 5.39:1, advancers, on slightly increased volume. This is above what I would expect for a 5th wave, unless it was the last gasp of a blow-over top, and if there is any follow thru came Monday I would be very alarmed and even question my bearish stance.
This will be a very busy week-end of pouring through the charts, and I will post the interesting ones as I get them updated.


Click here for a live, and updated chart!!!
8:07, The SPX is now with-in a couple points of 1136, where the 5th wave would equal the length of the 1st wave, and the squiggles are almost completed. We did make a higher high today, so the trend remains up, if this count is correct, we should start making some lower lows today. The RSI, STO, and MACD are finally up to the levels I have been waiting patiently for, and in all time frames are now over-bought.

11 comments:

  1. Hello all.
    So what should happen next? Do we move down or start a continuation up count. If up what would the count be?

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  2. Guys - always need to keep alternate counts in mind - I can easily count a three 1-2s off the bottom. Don't get married to one side.

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  3. whole thing (index markets, forex, commodities) smacks more and more of "management" -

    i say, if it is, and will be so, just give us the count, when to get in, with how much, and when to get out...

    that's all i ask ;-)

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  4. Elliot Wave sucks . Completely useless . The market is heading higher , top pickers . Maybe not much higher but the top is not here that's for sure .

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  5. I always think the FTSE/Dow divergence is a very useful tool. We got highs in FTSE yesterday but not Dow. Sure a bit more is possible but I'm thinking it's down till late July now.

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  6. Does EW have percentage odds on counts???...or just counts...seems like just a coin flip in terms of counts, and that would not help very much.

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    ReplyDelete