tag:blogger.com,1999:blog-4251274909260261631.post3229037205656168796..comments2024-03-28T22:35:52.861-04:00Comments on Elliott_Trader: Lower Low DayElliott_Traderhttp://www.blogger.com/profile/14941335198945083652noreply@blogger.comBlogger34125tag:blogger.com,1999:blog-4251274909260261631.post-53254069453026414072019-08-02T16:42:56.424-04:002019-08-02T16:42:56.424-04:00My thinking is the lows are in for now and the mar...My thinking is the lows are in for now and the market will now give us a choppy and unpredictable retracement for a few days noting that the drop took about 4.5 days. Interestingly the decline towards the end of the day was marginally longer in price (but not time) on the DOW & SPX than the decline earlier in the session. So I'm viewing as the initial advance of the LODs has now been corrected. Now more upward chop and "don't fight the FIBs". European indices look absolutely appalling but a bounce has to eventuate sooner or later. SPX stopped right at the 38.2% retrace back to 2828. But perhaps the numbers that give the best clues for a relief rally are supplied by the DAX futures which has a 1.62 relationship between the 1st and 3rd waves down and the CAC futures which has performed a=c. Today's lows could still be taken out before a relief rally, and may imply or require a gap down weekend, but those relationships should be paid some attention. In summary I see 3 waves down across a host of indices and now equities need to relieve themselves of an oversold condition. Last couple of years have been really choppy and I think we are going to get the same in this correction with plenty of volatility and unpredictability. Today SPX closed lower by 0.73% whilst the VIX also closed lower (1.45%) but remains fairly elevated. Billyhttps://www.blogger.com/profile/04789527978026192974noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-67723239163704333602019-08-02T16:22:50.387-04:002019-08-02T16:22:50.387-04:00That looks good ET. I'm sure you don't mea...That looks good ET. I'm sure you don't mean expanding diagonal right?<br />LINK - https://imgur.com/qaepu4w<br />Could easily be a ABC correction from the low today, with the B wave being an expanded flat and wave c being a expanding diagonal. What do you think?KShttps://www.blogger.com/profile/18149901824139546273noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-47654091933741205032019-08-02T16:10:20.855-04:002019-08-02T16:10:20.855-04:00Here's an expanded channel, but there are no g...Here's an expanded channel, but there are no guarantees. Some indexes met the 100-day SMA, others came close but did not. Might clean it up on Monday.<br /><br />https://invst.ly/bhudd<br /><br />TJElliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-45235144748651283932019-08-02T16:00:36.955-04:002019-08-02T16:00:36.955-04:00I think there is an expanded diagonal from 3:35 pm...I think there is an expanded diagonal from 3:35 pm 1 min candlesErik Bhttps://www.blogger.com/profile/14192236925594985316noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-47135692552097340822019-08-02T15:58:34.081-04:002019-08-02T15:58:34.081-04:00This comment has been removed by the author.Erik Bhttps://www.blogger.com/profile/14192236925594985316noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-24718133749611895432019-08-02T15:55:04.510-04:002019-08-02T15:55:04.510-04:00yep. Will need to see how it fits overall.yep. Will need to see how it fits overall.Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-88769433161760780972019-08-02T15:40:14.801-04:002019-08-02T15:40:14.801-04:00Or abc = 1 of diagonal Or abc = 1 of diagonal Erik Bhttps://www.blogger.com/profile/14192236925594985316noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-15375662360433150042019-08-02T15:37:22.533-04:002019-08-02T15:37:22.533-04:00Maybe truncationMaybe truncationErik Bhttps://www.blogger.com/profile/14192236925594985316noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-21580888459126191942019-08-02T15:29:25.395-04:002019-08-02T15:29:25.395-04:00triangle nullified - likely double zigzagtriangle nullified - likely double zigzagKShttps://www.blogger.com/profile/18149901824139546273noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-90041342721673327162019-08-02T15:03:25.589-04:002019-08-02T15:03:25.589-04:00Here's a further update. The channel has been ...Here's a further update. The channel has been attacked. And a fourth wave, if it holds 'might' be a triangle, as below.<br /><br />https://invst.ly/bhtw8<br /><br />TJElliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-5986136163945513272019-08-02T14:57:34.970-04:002019-08-02T14:57:34.970-04:00FXI or Shanghai may be in wave 3 down. Check this ...FXI or Shanghai may be in wave 3 down. Check this weekly HnS - https://finviz.com/quote.ashx?t=FXI&ty=c&ta=0&p=w<br />Chttps://www.blogger.com/profile/16866527393964615605noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-9100252292276609262019-08-02T14:40:17.369-04:002019-08-02T14:40:17.369-04:00CAC futures have an interesting setup. a/i was 212...CAC futures have an interesting setup. a/i was 212 points and c/iii was 213 points. So most likely it's either an a=c situation or iii is still in progress. The index is only 24 points of its low having declined 322 points.Billyhttps://www.blogger.com/profile/04789527978026192974noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-26615733387459192712019-08-02T14:20:37.917-04:002019-08-02T14:20:37.917-04:00DOW, SPX & COMPQ all have the same pattern fro...DOW, SPX & COMPQ all have the same pattern from their lows namely an abc (perhaps "A") followed by a deep retracement (perhaps "B"). Now moving up again (perhaps "C"). DOW leading and already hurdled "A". Other indices haven't got close to challenging the "A" high. So could be a triangle? DAX bumping up against a trendline. Thru that TL could be telling.Billyhttps://www.blogger.com/profile/04789527978026192974noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-81477157936251851092019-08-02T14:16:31.018-04:002019-08-02T14:16:31.018-04:00And it can’t be a 1-2 i-ii from the tweet drop if ...And it can’t be a 1-2 i-ii from the tweet drop if Im not mistakenErik Bhttps://www.blogger.com/profile/14192236925594985316noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-68160175156533121792019-08-02T12:56:47.223-04:002019-08-02T12:56:47.223-04:00Here's an update on the potential channel. The...Here's an update on the potential channel. There is some level of downward overlap already.<br /><br />https://invst.ly/bhsu8<br /><br />TJElliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-15421220507005070222019-08-02T12:43:34.089-04:002019-08-02T12:43:34.089-04:00here is the count of the move from the low today -...here is the count of the move from the low today - pretty self explanatory.<br />Need a move above the p[parallel channel to get some really bullish price action going LINK - https://imgur.com/uTrxxGdKShttps://www.blogger.com/profile/18149901824139546273noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-41752436454575985112019-08-02T12:39:04.994-04:002019-08-02T12:39:04.994-04:00Daily S&P 500 still below the lower bb approac...Daily S&P 500 still below the lower bb approaching the 100ma as possible support. Slow stoch. becoming over sold. https://invst.ly/bhsp2JChttps://www.blogger.com/profile/12364507507977901359noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-35719058848030444762019-08-02T12:38:59.201-04:002019-08-02T12:38:59.201-04:00@Kevin, Art Cashin is fond of saying, "market...@Kevin, Art Cashin is fond of saying, "market declines rarely end on a Friday".Elliott_Traderhttps://www.blogger.com/profile/14941335198945083652noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-8965524485869096102019-08-02T12:33:30.664-04:002019-08-02T12:33:30.664-04:00ET, since you have not counted the entire decline ...ET, since you have not counted the entire decline down (not surprising) I thought I'd just post my count. I'm sure you'll find many things wrong with it but I thought it would be worth getting your opinion and the views of the good folks here. link - https://imgur.com/r3XDs8OKShttps://www.blogger.com/profile/18149901824139546273noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-81176758949290758092019-08-02T12:26:45.355-04:002019-08-02T12:26:45.355-04:00 ... where the SPX declined 226 points. ... where the SPX declined 226 points.Billyhttps://www.blogger.com/profile/04789527978026192974noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-8231945893925213642019-08-02T12:26:10.617-04:002019-08-02T12:26:10.617-04:00Correction … that should read "anytime during...Correction … that should read "anytime during last May" where the SPX 226 points.Billyhttps://www.blogger.com/profile/04789527978026192974noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-5828826586260298692019-08-02T12:24:00.158-04:002019-08-02T12:24:00.158-04:00Market quite oversold. At the LODs the hourly MACD...Market quite oversold. At the LODs the hourly MACD was significantly lower than anytime during last December.Billyhttps://www.blogger.com/profile/04789527978026192974noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-7325173058869710402019-08-02T12:18:57.134-04:002019-08-02T12:18:57.134-04:00Any thoughts on whether a completed i,ii,ii,iv,v w...Any thoughts on whether a completed i,ii,ii,iv,v would be a 3 or a more bullish (next) C? Kevinhttps://www.blogger.com/profile/04698279995158493856noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-2538715116415620702019-08-02T12:13:46.250-04:002019-08-02T12:13:46.250-04:00At today's low DAX futures show a 1.629 relati...At today's low DAX futures show a 1.629 relationship between a/i down and c/iii down. Could that extend? Possible, however that could also be it for now. The 23.6% and 38.2% upward retrace of c/iii is 1.0% and 1.9% respectively from current levels. Apparently Trump will speaking at 1.45pm regarding European tariffs. Could be a market mover. Billyhttps://www.blogger.com/profile/04789527978026192974noreply@blogger.comtag:blogger.com,1999:blog-4251274909260261631.post-19716356153017448992019-08-02T12:09:07.903-04:002019-08-02T12:09:07.903-04:00Hard not to remember ;)Hard not to remember ;)Erik Bhttps://www.blogger.com/profile/14192236925594985316noreply@blogger.com