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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.

5 comments:

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

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  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.

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  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

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

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

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