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Wednesday, April 22, 2009

Elliott Wave Update ~ 22 April

Primary Count: I am sticking with the ending diagonal near term top at 875. These are supposed to retrace deep back toward the beginning 779 so like last night, I will repeat myself . I look for at least a gap close at 810 for starters.
Retrace back up went past the 857 mark (62% retrace) which of course threw a lot of doubt into the bears as a wave 2 or B wave should. The end of day selloff was just sick.
Disclosure: I didn't do any trading today still hold QID and SDS from 870+ levels for downside protection. Still hold my core mutual fund longs in my 401k.
Sorry I dont have more at the moment.
EDIT: Volume was higher today and the daily candle painted a big fat red shooting star. Combined those are bearish.


  1. Added srs at 860.......not brave to load the I made nuttin...good call

  2. "The end of day selloff was just sick."

    Yes, but in a good way. :-)

  3. Hey Daneric, thanks for your work. Hope all is well with you!!! Come visit anytime. Wish you could play at Kenny's during the day, oh well... we miss you!!!!

  4. Hi Dan, I'm seeing a strong support on SPX 834-836 area, if that hold I'm looking for 870 then 890 by Friday. Am I been too bullish here? I'm looking at the parallel upward channel that started on Mar 13 ( we didn't break the trend line since then). Of course if that don't hold then we fold and play the game to 780 then 735 level.


  5. How come I have to join blogger to view girl's blog now?

  6. I think you are spot on with this one Dano. Don't get faked out by any moves up since this is earnings season. We are headed to the 760 area as you say and I think if you draw the trend lines based on the top of C and the top of b or 2, you have the initial trend line. Probably see a similar zig zag down as we saw up. The question is, will there be a capitulation on this retrace?