Comments on: Elliott Wave Update ~ 3/05/09

By: shanky

shanky — Fri, 06 Mar 2009 11:54:18 +0000

Kenny’s blog has a great list of books. Address is on his chartlist on stockcharts. Social also has a book section.

By: Daneric40

Daneric40 — Fri, 06 Mar 2009 05:35:26 +0000

Check this out:

http://social.stocktock.com/profiles/blogs/comparing-5-march-with-29-jan

By: Fact

Fact — Fri, 06 Mar 2009 05:17:16 +0000

Great charts.. Curious,, what confirmation do you look for to let you know if wave 4 has started or if 3 will continue? Meaning,, could it go up to the 700 level and then turn around to finish that 3rd wave at 652?

By: Blue

Blue — Fri, 06 Mar 2009 04:54:41 +0000

Daneric: Today felt really good. Not just because we were correct, but also because we did the opposite of what Hochberg advised (on another one of the several occasions where he was wrong).

I struggled this eveing to determine an acceptable wave count for this 5 wave that we are currently close to finishing up.

I believe that wave 1 was extended and wave 4 is a triangle that we are currently still within. I will know by tomorrow if this triangle interpretation is correct.

If this thesis is correct then we should head up strongly after hitting 671 (+/-).

I am a bit uncomfotable with the expanded flat interpretation. It could be right, but expanded flats are quite rare.

Here is a link to my chart: http://social.stocktock.com/profiles/blogs/elliott-wave-count-for-wave-5

By: dumbpainter

dumbpainter — Fri, 06 Mar 2009 03:22:43 +0000

Yah, I was a little peeved about that ABC correction and the idea that we’ll have a 5 way up at 16000 DJIA…or so the thesis seemed.

By: Richard (permabear)

Richard (permabear) — Fri, 06 Mar 2009 02:16:57 +0000

you cant buy puts on $1 stocks.. good point

By: Richard (permabear)

Richard (permabear) — Fri, 06 Mar 2009 02:16:19 +0000

way to go 3min. glad to hear you are crushing this puppy.

By: Richard (permabear)

Richard (permabear) — Fri, 06 Mar 2009 02:15:23 +0000

this im agreeing with. flat days will removed oversold condition. the violent bounce will begin the morning before opex week and hit its peak on the 20th

this is how im playing it. moved back my turn date from the 6th to the 10th+ and will trade accordingly unless the market proves otherwise. there simply is no enthusiasm on the buy side.

By: Richard (permabear)

Richard (permabear) — Fri, 06 Mar 2009 02:13:49 +0000

my feeling is that we can overcome the oversold condition by trading flat on Friday and Monday and simply continue to plunge up to OPEX week and have a violent rally to negate all the 600 puts being sold during the next wave of selling.

1. continued selling with consolidation days to remove oversold indications
2. violent rally to end the wave and leading into opex expiry
3. closing price on the 20th 660 – 690 range — favouring the upper side of target

billions of dollars of calls expire worthless and gazillions of 600puts are bought during this next decline to expire worthless as well.

By: 3min

3min — Fri, 06 Mar 2009 02:05:43 +0000

My main decision was based on my estimation of the jobs report and the reception of it. That combined with the cremation of FAS over the past week.