The potential wave count for the S&P 500 is that that wave 3
down started last week; the current move down from yesterday is
minor wave 1 of 3. Todays bounce potentially looks like minor
wave 4 of wave 1, therefore another pullback would set up the minor
5 wave low to complete minor wave 1 down, then we should get a
minor wave 2 bounce; once minor wave 2 bounce is over, then the
S&P should enter minor wave 3 of three, which would be the
strongest downtrend
Posted by dbray740 on 10th of Sep 2008 at 06:43 pm
Hey Mike, Would you mind clarifying the wave count in your
market update tonight? I've spent the last 15 minutes trying to
figure this out, but to no avail. Guess I don't know much
about Elliott Wave.
dbray- that wave count chart on the 15 min chart
would not make much sense to you if you don't know the longer term
wave count on the daily, so here you go, this was also posted in
last nights update
daily chart of the S&P 500, hope this helps and remember nothing is certatin and
wave counts can change, they are a guideline only
Short Term Wave Count
Posted by matt on 10th of Sep 2008 at 05:14 pm
The potential wave count for the S&P 500 is that that wave 3 down started last week; the current move down from yesterday is minor wave 1 of 3. Todays bounce potentially looks like minor wave 4 of wave 1, therefore another pullback would set up the minor 5 wave low to complete minor wave 1 down, then we should get a minor wave 2 bounce; once minor wave 2 bounce is over, then the S&P should enter minor wave 3 of three, which would be the strongest downtrend
Hey Mike, Would you mind
Posted by dbray740 on 10th of Sep 2008 at 06:43 pm
Hey Mike, Would you mind clarifying the wave count in your market update tonight? I've spent the last 15 minutes trying to figure this out, but to no avail. Guess I don't know much about Elliott Wave.
dbray- that wave count chart
Posted by matt on 10th of Sep 2008 at 07:21 pm
dbray- that wave count chart on the 15 min chart would not make much sense to you if you don't know the longer term wave count on the daily, so here you go, this was also posted in last nights update daily chart of the S&P 500 , hope this helps and remember nothing is certatin and wave counts can change, they are a guideline only
Matt, interesting scenario, what's the
Posted by trade on 10th of Sep 2008 at 05:49 pm
Matt, interesting scenario, what's the highest you could see the S&P bouncing before the big 3 down and how low could the 3 down take it?