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Thursday, May 28, 2009

Bulls bought the "E" Spot

EDIT 2:20 PM. Actually the X wave could go and hit the 200DMA at around 928 - 934 tomorrow and then fail miserably.
A true bullish contracting triangle should thrust up and out and be a breakout move higher on some good volume.

I think its a false pattern for now. Market internals are not that great, only a 3.1 advance/decline volume ratio in the move back over 900.
At 908.5 [y] would equal .618 x [w] At 921.83, [y] = [w]. Anything more than 921, and yes this may be the breakout move higher indeed.
Been a real whippy day. Its judgement day for the markets. Maybe tomorrow too heh. Then a new month come Monday.


  1. Daneric,

    You are like a washing machine. Just swishing around. You sure do have both ups and downs covered, and all in the same day. You could learn a lot from Tony Caldaro. He's like a skilled surgeon, whereas you have taken out all the vital organs. E.W.T. does not have to be this hard.

  2. Doesn't Tony C count in mostly ABC's in some made-up EW fantasy land?

    Didn't he miss the entire 5th Intermediate wave down to 666 SPX?

    Oh yes I remember.

  3. dano don't waste your time with that retard..hehehe you IZ DA MAN...your famous...seriously stay with it ....your the best

  4. Dan don't listen to this moron, Tony Caldaro is the worse.


  5. Dan, listen to the market. Let it tell you, dont try to force the count to what you think the market should do. Or worse, to what you are interested of! thats the numer one mistake of ew traders.

  6. Dan, that triangle will break to the downside...

  7. Sounds like Coolhand Luke lost some $$$ and is losing his cooool. :)

  8. Name calling is very professional. It shows you the caliber of traders following you.

    It's quite simple all of us following Tony are making money using his superior technical analysis. I can't make money trying to decifer your codes, and multiple counts & directions. Your analysis is not a way to trade and make money. It's just that simple. It's been stated by you that you are not making money using E.W.T. Is it not true that the only profits you are making are being long in your 401k?

    Whether or not Tony has missed some "counts" his following is very large and growing daily. Good luck to you and the handful of followers you have that seem to be dropping off daily. By the way you had the 5th wave down to 666 as a intermediate 3rd wave down like all the other E.W.T.'s. So try not to stretch the truth.

    Enough wasting my time here. I have to go see Tony's update.

  9. If Coolhand is making so much money listening to Tony, why is over here? :) Why does he care so much about us? Hahaha

  10. Coolhand, Dan's "codes" are as true to Elliot and Prechter's methods (the founders of EWT, Tony can look them up sometime) as anyone on the web. Bar none. His calls on the primary trend down and up have for the most part bested anyone on the web, EWI included. Now enough of your cheap plugging, and, like you said, beat it

  11. Name calling is unprofessional, eh ?

    You DO know you were the first to do it, Mr. "washing machine" ?

    Why do people bother to slam in other threads when they're happy where they are ? Answer: they're NOT happy when they don't find confirmation of what they want to do.

    All I'll say is... Dan and Kenny will eat well if what looks to be setting up happens (and I manage to execute the trades correctly, that is...LOL). ;^)

  12. Coolhand calm down...Losing $$ is petty normal...

  13. I'm not sure.Dan can you just tell me what your count is.. especially from march low,do u still see thate as wave 1

  14. Trust nobody...
    Only trust yourself Coolhand... do some charting yourself...

  15. Coolhand, please go sit on your thumb.

  16. Watching from afar without all the noise I gues no one wants to see the possibility of a flag (say it very quietly) forming via this congestion - market rallied for 43 days so .382 in time is Mon/Tue & .618 in time s June 15/16

  17. The market will hit the "G Spot" on Monday.

  18. "Didn't he miss the entire 5th Intermediate wave down to 666 SPX?"

    Seems that EWTs are debating that fact indeed! Some say we are in 4th wave now? I see it that way also.

    Sometimes you have to pull your nose out of your work. Why would they drop the market now? Yes, "they". They are still pulling in people that are on the sidelines. They are pumping commodities like mad, when actually the faux inflationary expectations have been constructed just for the sheeple. Remember the last stampede to commodities...well "they" know the frothy, greedy, non-thinking Cramerites are buying this shit hand over fist. How about those 401K statements coming out in July? This is all a dangerous game. Our leaders have created this corrupt system, and our using it to complete the largest transfer of wealth...ever.

    We might go down, but we haven't seen the highs yet this year. That will happen in June I think. JMHO.
    What is the$SPX&p=W&yr=3&mn=10&dy=0&id=p04843280221&a=169291798&listNum=13

  19. Hey Dan,

    Just keep doing what you are doing and don't worry about silly comparisons to other people. If people don't like your blog, they can always go elsewhere.

  20. Look, I didn't mean to start a thing in comments against Coolhand Luke. He likes Tony C and that is fine.

    I am glad he reads my blog for comparison.

    Incidentally I do try and cover all aspects of wave moves. That is the whole reason to do it.

    My brain can pick apart 5 patterns at once all at the same time. Often I try and convey those multiple lines of thinking. Thats what a waver does.

    But I do understand the basis of the criticism, sometimes I confuse others as true EW counting is a somewhat complex system and not simplified as Tony C has done.

    As far as the "3 of 5" on the last Intermediate wave down to 666, we had good wave reasons to suppose it was only 3 of 5 and not 5 of 5. However I caught on fairly quickly after my 775 target was taken out to the upside.

    In fact me and Kenny suspected earlier before that that 666 was the low.

    There is a reason no 4 of 5 played out: Intermediate (4) was a trinagle and triangles produce "thrusts". It wasn't obvious on the SPX and DOW (it was on the NASDAQ) so thats why we were not sure.

    Tony C missed Intermediate (5) of Primary 1 move lower which is a HUGE mistake as a proclaimed Elliott Waver. Why? Because he makes up his own system and doesn't follow true wave theory as laid out by Elliott himself and Frost and Prechter and all the other greats.

    I suspect he strongly disagrees with Prechter on most everything.

    But if he makes you money. right on! thats what its about I guess.

  21. Dan, I agree. I appreciate your work as well as Tony C. Nobody's right all the time and all I want is the highest probability to be on the "right" side of the market and ultimately make money.

  22. dogismyth.. great chart I believe 960-970 end of intermediate 4

  23. Daneric,

    This is Coolhand Luke. Your site would not allow me to put in a name. All is forgiven. I am not going to stop reading your blog. In fact I have been one of the first to read it, but I became too frustrated in your over technical analysis. I find Tony's to be a little easier to follow. I like his updates on all the markets, his news items that correspond with the move of the market at the time it happened (if only he would post real time), and his pivot points. I wish you and your loyal fans were not so sensitive to criticism.

    I have been following all the E.W.T. for a long time, and none of them predicted the intermediate 5 of 5 before it happened. But a lot of them, including you, jumped on it after the move higher over 750. That left a lot of E.W.T. fans waiting on the 5th wave below 666, and probably a big reason why we have had this strong short squeeze since. Some still are not convinced we are in a P2, but still in intermediate wave 3 of P1. The reason why this is so important to determine is the P3 forth coming. The P3 will be an opportunity to make a lot of money on the short side. But what if this is only a intermediate wave 4 of P1, then the intermediate 5th wave of P1 down will lead to a lot of P3 believers getting crushed by the real P2. In other words a 5th wave of P1 is not the same as a P3 decline. So it might be too early to tell who's right with the "count".

    For me it is easier to determine support lines, and pivot points. I have been successfully trading Tony's trading range of 878, and 912. I cannot make heads or tails lately on your blog to find a trade to enter and exit. That's all I am saying. Right now I am trading all the Direxion 3 times funds along with SKF, and SRS based on market movements. I play big, and with three times there's not a lot of room for error.

    I'm going to keep trying to understand your methods, and perhaps one day I will get the info I need for a successful trade. If not hopefully someone here does.

  24. Sorry Coolhand, but I am not a daytrading site. I try and post daily charts but not with the meaning to find trades. If I did, I would posting more individual stocks.

    My site is more useful perhaps for swing trading the very bigger moves.

    All I try to do is map the waves and give you the options of which way it could go based on the structures.

    I am not a daytrader. I like to dabble once ina while but usually with the idea that I can hold the trade a few days. I am simply usually too busy at work although occasionally I have a day off or some free time but for the most part I don;t post during the trading hours.

    So I think thats where your frustration comes in. I overanalyze it because I want to.

    Here is a simpler analysis: We are heading to 1000 this summer. There no need to post a chart at all! Just go long.

  25. guys, i must admit that Tony's update is very precise even without charts. Dan has the best charts with all possible outcomes. Kenny has good ideas, however i get lost by his lengthy paragraphs