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Friday, June 12, 2009

Elliott Wave Update ~ 12 June



EDITED 730PM FRIDAY: I edited my commentary for clarification. Too many Cap't Morgons on a Friday heh
I told you it was an up day (LOL - 1 point!). Well actually the intraday waves is a mixed bag of zig zags and 1 impulse to the upside thrown in there along with a spikey end of day move. Today's intraday waves are a very tough read indeed. Its as if the market is not sure what it wants to do. However, it lokks more bullish than bearish.

The e-minis actually made a 5 wave up move, all during trading hours so that is a clue that this whole move up today is a leading diagonal in the subwave (i) postion of wave [iii]. That means more upside to come.

What does that mean? It means there is no more room for the bulls, retrace of wave [ii] is over and we go up Monday very nicely for the "meat" of a wave (iii) of [iii] move. Unless of course wave [ii] is some kind of sadistic complicated wave, I'd definitely say wave [ii] is over. I'd also say subwave (i) if [iii] is about over and it has to be a leading diagonal I suspect. So Monday *should* be a very bullish day if this is a true wave [iii] which is my primary count.

Prices recovered. Bears got squeezed a couple of times again. Bulls still hanging up here in the 940's. Higher lows the past week or so. If your a bear, you're hoping this whole past 7-9 days is a distribution pattern. The waves do not support that view.

12 comments:

  1. what do you mean jiggy on Monday? what is the treshold for the trend to continue up or head down? TIA.

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  2. 927 must hold as a low for this to be a wave [ii]

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  3. Nailing it past week. Great work!

    World market will soar on Monday if Mahmoud Ahmadinejad loses in election and then we can see wave 3.

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  4. if Mahmoud Ahmadinejad wins then ???????

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  5. If Mahmoud Ahmadinejad wins we will still go higher if Dan's count is correct!

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  6. Dan, have you tried to label the move down? TIA!

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  7. Agree with your analisys. Monday should be nice for bulls ...

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  8. Daneric,
    One more question. Looking at your chart and the fact that 990 or so is the top. It looks as if this plays out this month. Am I reading that correctly? TIA. I love your charts man!

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  9. Dan:

    I want to ask you a question about something that is buggung me (and I agree with your count on the []).

    Dont you think wave [i] is ABC like ?? Shouldnt it be an impulse itself ??

    Thanks in advance. Great work by the way !!

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  10. today's action made me a believer in random walk. what a load of horse crap. that said, have a nice wknd all

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  11. Today was like a big leading diagonal in the subwave (i) of [iii] position.

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  12. Aaron yes thats about the target

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