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Friday, July 17, 2009

Elliott Wave Update ~ 17 July


Nate nailed the double ZZ up today. http://1.bp.blogspot.com/_wpKB2FCKFlc/SmDO8VYtqtI/AAAAAAAABQY/_E5qZL3-u3o/s1600-h/20090717.png

The sideways correction is evidence of Minute [iv]. The tight up channel was broken so thats evidence that Minute [iii] is likely over.

Minute [iv] looks like a triangle but something smells fishy. I'll chart it straight up, but I dunno, my gut is telling me it has a chance of failing Monday. Its just too cute if you ask me. The good thing is we'll know early Monday, or even in premarket what the fate of this pattern will be.

6 comments:

  1. yeah, as soon as the rally started near the close I just laughed!

    you're right, it did not retrace much. Funny (a) wave too.

    nice target, I agree we hit 957 resistance or so with the [v] wave.

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  2. Yeah. I was looking for either the hard bear chop or the end of day spike. I knew it would end one way or another. LOL. And the contrarian was the spike. Most were probably looking for the hard chop down.

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  3. [A] of (c) looks like 7 waves to me. Maybe (c) is really an impulse with a really small wave 1. wave 2 looks like a small flat and wave 4 a larger zigzag pattern.

    Then that impulse could be wave i with wave ii retracing through its 4th wave into the close. the [iv] wave zigzag would be funny looking though.

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  4. Dan
    After 957, is that all for P2, or will it go higher? Thanks for the clarification!

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  5. That is the question of the week Ben. Kenny has it going down after 5 Minute waves up which is a reasonable interpretation. Problem is, its not clear what degree we are at in this sharp rally. Is it just Minute [1] up?

    I tend to think its a Minor sized A (when this intial rally peaks) wave up and B wave will retrace a portion, maybe 24-38% and a C wave will rally toward P2 peak in August. Thats my basic Primary count. High 900's target or low 1000's.

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