I really doubt wave 1 has started.  Today's volume is even weaker than yesterday bank holiday's is.  It's both too weak and not implusive enough to be a wave 1.  In terms of a part of wave 3, well, because of the reasons that I mentioned just now, I can't see that at all.  I am fairly certain that this is a wave 4.  Regardless, we should get a bounce tomorrow.  If it's a wave 4, we will rally into a wave 5.  If it's wave 1 of wave 3, we should get a bounce of wave 2 of wave 3.

I totally agree.  Today's action feels like a wave 4.  It's not an implusive wave.  I suspect that we will make wave 5 tomorrow.  Early next week we should start selling off.

Great analysis. Anything is possible with this market. News really don't matter now unless it's "end of the world" kind of news or several bad news in a row. There is no sell off today even with Dow retraced 50%. No doubt this market is meant to kill bears.

I wonder what pattern has 5 waves up and 5 waves down and 5 waves up.  Let's see what EWI spins this tonight.

Thank you. Their letter always is so well written and interesting to read, but the prediction....can need some work.

That's why I cancelled my subscription.  Don't get me wrong.  Their newsletters are very interesting to read.  Many times they did present great logical cases for their forecast.  However, we all know that this market is far from logical.  For the market to rally like this after accelerating 10.2% unemployment rate, it's as illogical as it can be.  But hey...their newsletters are definitely good entertainment.  Please keep sharing those newsletters for those of us who discontinued the subscriptions.

I cancelled my subscription after many of their predictions went wrong.  I enjoyed reading it though but it definitely is not worth the price.  Anyone care to share just the main points?  They still think this is only a wave 2 up?

Is dollar's wave 5 extending? Wave 2 can't retrace more than wave 1. We made new low on dollar this morning.

OK...  Sorry I haven't read every post yet.  Thank you for the heads up.

Compounding and leverage works both ways.

Yea...I don't understand why the linear regression slope indicator keeps showing up on the analysis.  Is that something BPT plans on selling or providing to its members.  Or just something for you to show how good of indicator it is, so the BPT members wish to have it but can't.

The stock closes at 76 yesterday, and Buffett is willing to pay 100 per share for the entire company.  Crazy...more than 30% premium.  I thought Buffett is a value investor.  BNI NEVER broke 100 in its stock history.  With BNI being a big railroad transport company and his huge premium price paid, obviously Buffett is betting on a semi V shape recovery and definitely not a depression like EW people think.

And the future is down BIG. 

This ultra bearish count that was negated looks more and more like the correct one. 

http://www.screencast.com/users/Jumbo123/folders/Jing/media/5547841a-15af-4bb4-9431-168ff285f6a6

UBS missed estimate.  Financials might keep selling today and bring the whole market down.  The ultra bearish count might still be in play.  We will see.

I see it now.  I didn't consider the wave 4 as a flat.  Thank you.

Steve,

This is my bearish count, which is developed based on your Dow bearish count from last night.

http://www.screencast.com/users/Jumbo123/folders/Jing/media/0206e03d-1fbb-4796-bca7-a0f9f577e7e6

Steve,

It looks that the fifth wave is not finished or this is not the proper count.  Wave 4 of that wave 5 is inside of wave 1 of wave 5 down...  What do you think?

http://www.screencast.com/users/Jumbo123/folders/Jing/media/acb921cc-0c9b-441b-a127-77b9277fbcd9

Breadth is negative 11 to 1. Too negative to be a "corrective" wave.

Wave 5....it's too implusive to be other possibilities.