Posted by steve101 on 11th of Feb 2009 at 03:44 pm
Elliot wave folks posted last night that the triangle pattern is
not likely. Current read is that we are in wave 3 of 5 down.
Yesterday's high was a truncated c of wave 2 of 5. Truncated waves
lead to a sharp move in the opposite direction.
In the SPX the move from 944 down to 804 was wave 1 of 5.
Yesterday's move was wave 1 (of 3 of 5). Now we are in a wave
two retrace (can't go above yesterday's high for this to play out),
and thereafter will start a big trending wave 3 of 5. Their target
range is 600-650 on the SPX. 6500-7000 on the Dow, and 959 on the
Comp.
Posted by junkmaylbox on 11th of Feb 2009 at 04:26 pm
So big arabic numerals (1,2) used on Matt's chart yesterday and
today signified subwaves of 3 of 5? He uses (A) for the primary
waves, and capital letters for subwaves of primary waves, such as 3
of 5, IMO.
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Elliot wave folks read
Posted by steve101 on 11th of Feb 2009 at 03:44 pm
Elliot wave folks posted last night that the triangle pattern is not likely. Current read is that we are in wave 3 of 5 down. Yesterday's high was a truncated c of wave 2 of 5. Truncated waves lead to a sharp move in the opposite direction.
In the SPX the move from 944 down to 804 was wave 1 of 5.
Yesterday's move was wave 1 (of 3 of 5). Now we are in a wave two retrace (can't go above yesterday's high for this to play out), and thereafter will start a big trending wave 3 of 5. Their target range is 600-650 on the SPX. 6500-7000 on the Dow, and 959 on the Comp.
Guess, we'll see soon.
So big arabic numerals (1,2)
Posted by junkmaylbox on 11th of Feb 2009 at 04:26 pm
So big arabic numerals (1,2) used on Matt's chart yesterday and today signified subwaves of 3 of 5? He uses (A) for the primary waves, and capital letters for subwaves of primary waves, such as 3 of 5, IMO.