New Web-site!!!

Primary web-site now for EW Trends and Charts

We have moved!!!

There is now a NEW Web-site for EW Trends and Charts, the new web-site is the primary site for this blog and this site is only a back-up site now. If you are a fellow blogger, please adjust your links for the new site!!!!

Click here to view the new web-site for EW Trends and Charts

Friday, June 11, 2010

Friday Updates

The number of stocks above their 50 day MA has bottomed, and now is rising, Bullish!!!
The Summation Index, also has turned and is on a buy, Bullish!!!

This is just another bad sign for the bears, that rally at the end of the day, pushed the VIX down, and out of the triangle, making a lower low.
After the close, The SPX put another stake in the bears heart today, closing above the 20 day MA. The trend still is neutral until we can break-out and start making higher highs (1105.67), or lower lows (1052.25), but things are not looking good for the bears at this point.
That last punch higher after the triangle broke, put the SPX right up to the trendline from the top, breaking thru here, will be one more blow to the bears. The SPX also has reached the maximum of this count, and I still see no impulsive waves up from the bottom to try and get a bullish count going that would be a valid count, so far the move up has been a collection of over-lapping corrective waves. Now is a good time to be neutral, because trying to trade corrective waves is akin to russian roulette. Things should sort themselves out here soon, then you will have a much better chance at finding an edge to trade the longer term trend, right now, it is a daytraders market full of great scalping opportunities as long as those stops are set tight!!!
Breadth for the day ended at 2.79:1, advancers, not a strong follow-thru to yesterday's monster move, but enough to keep the short-term trend in the bulls camp.
On the longer-term counts, there is just no one count I have any confidence in at this time, so when in doubt, sit it out. This is the most prudent move for me, because having a primary count right now is just grasping at straws, Hopefully, things will become clearer soon, or we might just be stuck in a corrective wave that could last for a couple of weeks. A simple corrective count can turn very complex, and is all but impossible to try and predict a count when that happens. It is best when this happens, to put Elliott Wave on the back burner, and spend more time with the technicals, that are rapidly turning bullish.
*** Please help, and show your support for Jman @ Market Outlook, he has an awesome collection of Technical charts at Stockcharts and needs some votes. So, PLEASE take a couple of seconds to show your appreciation. After clicking on the link, scroll down to the very bottom, right hand corner, and vote for the "best public chart list". Thank-you!!!
Please click here to vote!!!
10:10, The Bollinger Bands quietly tightened up in all this boredom today, this tighting normally preludes a large move in the not so distance future.
Click here for a live, and updated chart!!!
The SPX is hanging on the last bullish fan by a tread now.
I saw last night that all the EWer's were calling the Leading Diagonal option dead, because it broke the trendline, but what if the 4th wave was not finished?
Everybody already had the 4th wave completed last week, but that structure never looked right to me, because of the alteration required for a LD, that is, a sharp 2nd wave, with a flat 4th!!!
Click here for a live, and updated chart!!!
7:17, The ubber bearish 1-2, 1-2, 1-2, down count is not 100% dead yet, all though it is in Critical Care, and on life support, it could end up being the biggest bull trap of the year. Even the bears are going bullish so why not a slap-down out of left field that even catches the bears off-guard for the iii of 3 down?
I will keep this count going until we make a higher high, and invalidate the 3rd set of 1-2's at 1105.67.

6 comments:

  1. number of intersting wave relationships across the board for the double zigzag - Wilshire, DJIA, SPX w=y

    ReplyDelete
  2. Stesso conteggio, con variante eventuale in spikedown finale, mi ritrovo sul FTSE MIB.
    Allungano il brodo ma il ribasso che arriverà sarà fulmineo.

    ReplyDelete
  3. OK... I voted and promise to do each day. Consider it done Mike! Thanks for your great work.

    ReplyDelete
  4. one thing to note on the SPX..higher highs and higher lows since Tues. albeit on low volume. but market has gone up on lower volume before. maybe just lack of sellers

    ReplyDelete
  5. Posted these on Binve's blog. Please feel free to critique. I can't get into the chat room anymore.


    http://i46.tinypic.com/2nkp8g1.jpg

    http://i50.tinypic.com/ous18w.jpg

    ReplyDelete
  6. "The ubber bearish 1-2, 1-2, 1-2, down count is not 100% dead yet, all though it is in Critical Care, and on life support, it could end up being the biggest bull trap of the year. Even the bears are going bullish so why not a slap-down out of left field that even catches the bears off-guard for the iii of 3 down?"

    I posted something very similar over on Daneric's site: http://danericselliottwaves.blogspot.com/2010/06/primary-count-explained.html

    The rest of my post was based mainly on traditional TA as I too am still looking for better direction and agreement with traditional TA from Elliott Wave.

    Thanks for all your great work here, and also for bringing Roy to our attention.

    ReplyDelete