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MortiES' EOD 20Jul2009 ~ I Can See the Finish Line or Am I There?

Written by Mortie
July 20th, 2009at 7:01 pm

Poor little mini-S&P, like the train who could. Huffing and Puffing, I think ES is about out of gas and needs to coast a little. I’ll be very surprised if the green zone doesn’t stop W3 or we may have hit it today. Trading tip for tomorrow ~ I wouldn’t enter any new longs (profound). ES did as expected today. It might have a little more to go, but not much. Globex should be interesting tonight to see how the market is positioned for the open tomorrow. I am expecting that we will be in W4 for the rest of the week. For the Newbies, unless you are familiar with the anatomy of a W4, stay away. If you must trade, take small profits and keep tight stops to protect profits.

Remember, this chart is my best guess, based on Elliott Wave analysis primarily. You still need to trade the market. This is just intended to give you an edge in your trading. Analysis is the easy part, trading is the tough part. I use the Advanced GET software as a tool and not as a master. So a lot of this is my impression of the market. As I’ve said in the past my analyses are “Always Original, Sometimes Right.”

ES EOD 20Jul2009

[tags]eSignal, Stock Market, ES Mini S&P 500 Futures, Elliott Wave, Advanced GET, Wave 3, Wave 4, EOD[/tags]

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Categories: Charts ,Commentary ,Exclusive

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5 Responses to “MortiES' EOD 20Jul2009 ~ I Can See the Finish Line or Am I There?”

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  1. searchgr searchgr says:
    July 23, 2009 at 3:04 pm

    We are near ………… :)

    Reply
  2. searchgr searchgr says:
    July 21, 2009 at 3:43 pm

    It’s possible we saw the 4th subwave of the wave 3. In this case the target is 970 – 1000.

    Reply
  3. Mortie Mortie says:
    July 21, 2009 at 4:47 am

    Bill ~ your reasoning is valid, and in really extended W3′s, 23.6% is often seen as a retracement level for W4. It’s just that I’ve seen ES do some amazing things. Look at the move off the 865 low! For me it’s best to keep the extreme scenarios in mind with this market. I think W5 could easily make the move off the 32% level to a new high. Another way W4 could retrace deeper is to do it sooner. Joseph figured out and incorporated it into GET software that it is the area under W3 compared to the area over W4 that is important in determining the likelihood of a successful W5. He calls this his PTI (profit taking index). Thanks for the input Bill ~ keep it coming!

    Reply
  4. bill bill says:
    July 20, 2009 at 11:48 pm

    Mortie,

    If W4 pullback is deeper than .236 then W5 would have to extend in order for W5 high to exceed W3 high. But after such an extreme W3 extension do you see this as likely? That is why I am favoring minimal .236 retrace for W4.

    Reply
  5. MrTrader MrTrader says:
    July 20, 2009 at 7:31 pm

    Love the sense of humor and Emoticons you inject into your posts.

    Thanks!

    Reply

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