sp 500 / asx 200 elliott wave update 13/05/2010

[emailvik]

I don't think there is anyway of knowing which count is correct until get the retrace from Friday's sell off. TA does favor a change in trend but as long as the 50 day ma does not go under the 200 ma, we should assume the trend is still up and go with a bullish count until proven otherwise.

[hani11291976]

try this count ; instead of d--e it's A---B , instead of e---5 (around 1206) it's A--B , wave B fills the gap around 1206 and it's minor zigzag ABC , then start leg C downwards which would take out the very recent low , and fills the gap to the bottom as well. that completes ABC zigzag correction, and a major up wave starts from there , probably around 20-weeks moving average.

just a though !!

[Schweizer135]

Technical Analysis indicates this count is highly improbable and that the May low was a wave 1 and that we just ended a wave 2 .

[me7md]

wrong count

[LondonCrusader]

1200, with the next day or so?

Now that is one crazy bold prediction.

-

The problem with EW, - and you even admit it today, you keep adjusting stuff. Its an entirely flawed theory, the irony remaining that you still follow it..despite endless alterations.

[tradeyourwayout]

@LondonCrusader i think 2 - 3 days. it is an accurate theory, but we are the ones who are not accurate in reading it properly.