Comments on: Elliot Wave Update ~ 3/15/09

By: E-mini

E-mini — Mon, 16 Mar 2009 12:08:08 +0000

hello Woo and welcome.

Which strike for the May puts do you like?

By: Cilla

Cilla — Mon, 16 Mar 2009 05:00:32 +0000

Yes, I can’t even tell you wonderful men how much you are all appreciated!

By: woo

woo — Mon, 16 Mar 2009 04:02:19 +0000

i agree that we have to watch carefully. one important thing to note is that this 1 of 5 wave down didn’t retrace till the 2 of wave hit. there is the possibility that this 4 wave doesn’t retrace at all till it’s not just done.

based on the trend lines, i’m thinking that 795 will hit though. if it hits, i’m saying that 795 the 4 of 5 has ended.

have to also watch carefully in case we are just headed higher and higher and higher and the primary waves are completely over for the downside. will let you guys know if at any point i start leaning towards that conclusion.

By: woo

woo — Mon, 16 Mar 2009 03:58:38 +0000

2 of 5′s and 4 of 5′s behave in a 3 wave fashion.

Therefore if we were to drop to 700′s, that would be the end of the 2 of 3, and then the 3 of 3 would finish at 795, and then we’d head south to 600.

Of course this is all subject to change, but we’ll get a better read of the market as the days progress. remember this is all speculation, based on educated guesses. it’s not a tell all chart.

By: woo

woo — Mon, 16 Mar 2009 03:55:45 +0000

sure. let me figure this out.

By: dumbpainter

dumbpainter — Mon, 16 Mar 2009 03:47:25 +0000

Corey from Afraid to Trade is speculating about this being the Big 3…not 5…interesting bearish outlook.

By: Shanky "Mr. Not So Long -again"

Shanky "Mr. Not So Long -again" — Mon, 16 Mar 2009 03:46:46 +0000

Woo – will you please post public charts on stockcharts. It would be helpful. Thx.

By: Shanky "Mr. Not So Long -again"

Shanky "Mr. Not So Long -again" — Mon, 16 Mar 2009 03:44:49 +0000

Nice work Woo. I’m in the camp of a zig-zag or 5-3-5 to 771 to 800 range. As for the drop on Monday, we have formed that familiar double top, but the indicators are not quite ready. Monday afternoon or tuesday maybe. The VIX has to get an E touch if a falling wedge first. IMVHO. I’m gonna guess the double top comes after the fall to 731 range at the upper predicted levels. I appreciate your post. you do excellent work. The question of P1 or P2 has to come inot question with every call now IMO also.

By: TNbear

TNbear — Mon, 16 Mar 2009 03:36:03 +0000

Thanks for your concise conclusion…hoping for HP/HP (High Probability/High PayOff) trades..

By: TPoise

TPoise — Mon, 16 Mar 2009 03:25:59 +0000

The accepted view currently on this site is that we are in wave 4 of primary wave 5 (4.5). So if we head to a low of 700, that wouldn’t matched the wave 3 lows of 666. Maybe I’m just confused from the article…