All Entries Tagged With: "wave count"
$SPY Elliott Wave Update – 8/11/2009
It’s looking more likely that the correction has begun as declining volume exceeded advancing volume by over 4 to 1 today, the lowest reading since early July. The market also broke below it’s uptrend channel (green lines) signaling a change of trend. Currently the market is sideways as the bears couldn’t break through last Thursday’s [...]
Elliott Wave Update – $SPY
Given the market’s resilience, hanging on to the rally by consolidating at the highs, there’s a good chance we have one more new high before a correction. I don’t think we’ll go much higher but I could be wrong. Wave 5 typically equals the distance traveled in Wave 1 which if this labeling is correct, [...]
Elliott Wave Update – $SPY
I’ve received a few emails regarding the longer-term Elliott Wave structure so on the charts below I’ve labeled what I believe to be the most likely scenario. Let be preface by saying, given the number of assumptions being made there’s a good chance the timing may be off but the overall structure is the point [...]
Wave C Down? – $SPY
The 5-waves down that began with yesterday’s open leads me to believe the A-B-C correction has begun. If yesterday’s high is violated this count will be void and mean the advance is still in it’s later stages. If yesterday’s morning move to the downside was an A wave, the afternoon wave B rally should be [...]
$SPY Elliott Wave Update – 7/16/2009
The five wave advance that started last Wednesday should be close to ending. Wave 5 commonly equals the distance traveled in wave 1 ($1.90) and would put the wave 5 target at $94.94. Today’s high was $94.51 which is close enough for government work. The question is how deep will the pullback be? My best [...]
C’est la vie! $$
At some point you just have to say ‘UNCLE’ even when your confident that the stars were aligned in your favor. Today’s price action just ripped higher and took out the July 2nd high in the afternoon. NYSE TICK readings remained positive almost the entire today with no sellers to be found. At some point [...]
$SPY Elliott Wave Update for Monday 7/13/2009
I revised the wave count slightly which gives the recent C wave a little bit more room to rise. My main reason for doing so is because it appears we are tracing out a 3-3-5 corrective flat which is always countertrend meaning the next big move should be five waves to the downside. Goldman Sachs [...]
