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MortiES' EOD Analysis ~ Bounce>Down or Down?

Written by Mortie
July 8th, 2009at 5:11 pm

That is the question. Answer ~ be ready for both. This will be a quick post as I have to be at a “Bored” Meeting with my group for the rest of the evening and I’m running late. The market cooperated very well today and followed my last post nicely. It did get to the vicinity of what I called a pretty max move for a W5 and bounced a little. Because of this and the fact that this needs to be a 5 wave move to what I believe is the proper minimal typical target for a W4, I changed my settings to the “long count” on GET. Notice that by doing that, it implies something different than a pure extended W5. Both scenarios are valid, and we will know when ES begins to follow the red arrows or the blue. Either way the bottom is in site IMO.

es-eod-8jul2009

Categories: Markets

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2 Responses to “MortiES' EOD Analysis ~ Bounce>Down or Down?”

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  1. Mortie Mortie says:
    July 9, 2009 at 12:34 am

    Great chart miramarbeach! That is definitely a possibility. The question is ~ “What wave is this in the grand scheme of things. If it is a Wave C as seems to be the majority view, then that calls for a 5 wave impulse rather than an ABC correction. However, if the Elliott gods have the count wrong and this is a correction after the completion of a W5, then you are right on. I’ll let GET have a shot at analyzing the big picture. One thing about a computer is that it doesn’t approach analysis with a bias. It is objective and rule based. Some day in the near future I’ll do my own analysis of the big picture and let’s see if we can get some lively discussion going. It will be a good weekend project.

    Keep the great charts and fresh ideas coming. I really appreciate the visual analysis and the originality of thought.

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  2. miramarbeach miramarbeach says:
    July 8, 2009 at 9:38 pm

    Have you considered this LT Elliott count? It seem the most plausible to me. This is a 5 year weekly chart, sorry it’s kind of a mess.

    http://www.screencast.com/users/jeffreyb_30319/folders/Jing/media/0a0185bc-bfe8-4805-aaa1-9bb09105045d

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