tag:blogger.com,1999:blog-524424037855183124.post5680402948048010777..comments2023-08-27T02:28:24.135-07:00Comments on Elliott Wave Index Trader: Target is now 1016Richhttp://www.blogger.com/profile/00672860805931384423noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-524424037855183124.post-20883593950066621012009-08-05T10:07:52.204-07:002009-08-05T10:07:52.204-07:00I did initiate some this morning (FAZ) and had a l...I did initiate some this morning (FAZ) and had a limit order for QID that never got filled. I'll be looking at some possible option plays tomorrow or Friday (aug/sept expiry dates with xlf, iwm, and qqqq).<br /><br />We did hit new highs during the european session before the US session opened, so maybe that was it. Financials are very strong today so I'm cautious.Richhttps://www.blogger.com/profile/00672860805931384423noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-81804631034272177862009-08-05T07:16:47.030-07:002009-08-05T07:16:47.030-07:00Rich,
Are you initiating any shorts here?
Either...Rich,<br /><br />Are you initiating any shorts here?<br /><br />Either the last count was correct or this is a false break down?<br /><br />ThanksRickhttps://www.blogger.com/profile/07945545767728208707noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-78032818587522578422009-08-05T06:28:19.657-07:002009-08-05T06:28:19.657-07:00ollie, although it is common for waves 1&4 to ...ollie, although it is common for waves 1&4 to overlap it is not a requirement.Richhttps://www.blogger.com/profile/00672860805931384423noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-26808736534914009102009-08-05T01:55:21.111-07:002009-08-05T01:55:21.111-07:00Rich,
Is it a concern for the structure of the ED...Rich,<br /><br />Is it a concern for the structure of the ED that there is no 2-4 overlap? Is this a requirement for an ED?<br /><br />Thanks!ollietheterminatorhttps://www.blogger.com/profile/13844448460596219632noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-80878595755111984782009-08-04T23:01:51.091-07:002009-08-04T23:01:51.091-07:00HD, I agree that you could draw a resistance line ...HD, I agree that you could draw a resistance line off of the 1 and 3 and get a sharper line with a throw over target of 1007. I just wanted to give the bulls more latitude on this one with the 38.2% overhead.<br /><br />Sweet tooth, an LD only occurs at the beginning of trends, which this definitely doesn't qualify.Richhttps://www.blogger.com/profile/00672860805931384423noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-66617514233196573062009-08-04T21:19:27.263-07:002009-08-04T21:19:27.263-07:00ya, my post made very little sense, meant connecti...ya, my post made very little sense, meant connecting W1 996 and W3 1003. Leading or Ending? Internal waves look like 3's to me (ED). A LD would probably have a larger retrace. Rich's 2-4 TL is what I'm watching GLHDhttps://www.blogger.com/profile/07050101653269109964noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-88290045821861468222009-08-04T20:47:45.511-07:002009-08-04T20:47:45.511-07:00HD, for what its worth I noticed when creating the...HD, for what its worth I noticed when creating the Aug 3rd to Aug 4th trend lines it creates a bullish ascending price channel inside of the ascending wedge<br /><br />Are we sure that this is an ending diagonal and not a leading diagonal wedge?<br /><br />Thanks in advanceRickhttps://www.blogger.com/profile/07945545767728208707noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-61624585758085151942009-08-04T20:19:53.146-07:002009-08-04T20:19:53.146-07:00Interesting TL's Rich. I've drawn mine sl...Interesting TL's Rich. I've drawn mine slightly different with Monday's high 1 connecting Tuesday's highs. That puts a nice overthrow at 1007 today for potential 5. The fib relationships for those three peeks are impressive compared to wave 1. 61.8:38.2. Regardless of top TL it's the 2-4 that must die prior to serious action. Appreciate your blog and updates.HDhttps://www.blogger.com/profile/07050101653269109964noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-11363080275593016932009-08-04T18:27:34.096-07:002009-08-04T18:27:34.096-07:00sweet tooth - according to prechter there is no pe...sweet tooth - according to prechter there is no perfect ratio between waves 1 & 3. Instead, waves 1&5 often show equality and you can often cut the entire wave either at the start of wave 3 or the end of wave 3 into a .618/.382 ratio. In an ending diaganol, however, the only requirement is that wave 3 not be the shortest wave (as is always the rule) and wave 1 is usually the longest wave in an ED (which according to my count is the case).<br /><br />As to the likelihood of a truncated wave 5, that is absolutely a possibility.Richhttps://www.blogger.com/profile/00672860805931384423noreply@blogger.comtag:blogger.com,1999:blog-524424037855183124.post-16151983579538313992009-08-04T18:21:36.617-07:002009-08-04T18:21:36.617-07:00Rich,
After review I am also in agreement with th...Rich,<br /><br />After review I am also in agreement with the above count.<br /><br />There is heavy resistance at 1007 going all the way back to October 2008<br /><br />Is it possible we turn down early with perhaps a truncated wave 5?<br /><br />This quote taken from wikipedia<br />"Wave three often extends wave one by a ratio of 1.618:1."<br /><br />Are you able to comment, as this wave 3 is much shorter than optimal.<br /><br />ThanksRickhttps://www.blogger.com/profile/07945545767728208707noreply@blogger.com