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Monday, May 4, 2009

E-minis, All Hours

The further the patterns develop, the more accurate EW analysis gets. Counting 5 Minute waves [v] up to Blue C is a challenge but not as difficult as a B wave running triangle or a hyper-bullish A wave peak from the 666 low.

It actually gets EASIER from here in tracking the patterns.

My intraday chart I posted last Friday is but one example.

EDIT: I was bearish last week because I thought there was a good chance the market was tracing a [d] wave to peak. Just below where I have green [i] and before green [i]'s 5th subwave up, I was thinking the [d] wave of an expanding triangle. The expanding triangle is still a valid formation if 866 is taken out to the lowside unexpectantly with the new [d] wave peak at today's high. if the market pulls back some to say 890 and then goes past today's high, that will rule out the [d] wave completely. But like I said, that seems more remote at the moment and would be an unusual pattern.


  1. Dano did you see immreds post he is concerned that this runup may shorten P2...wadda ya thinki

  2. Kli, I don;t think so. In fact, I think its an indicatrion of just how far it will run.

    If it heads to 1040, its gonna need a lot more time. 10 months would be "normal".

    Only 10 weeks would be abnormal.

  3. dan, where do you currently have the core p1 trendline that we crossed during this rally at? i'm asking because i think any pullback (when it happens) would likely retest that line, and it if it aligns with 38.2 and/or dmas, then that's my target for a short play. like you, i don't think the ppt et al will let us recross it during p2

  4. retest of jan high at least... imho....

  5. JB, yeah I am looking for possible trendline retests spots. I'll let this thing run its course first.