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Registered User
Joined: 12/8/2004
Posts: 1,301
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During this week or next you will have a great opportunity to get rid of any stocks which you are still long and load up on shorts.
The wave 2 up is nearing completion and an ugly wave 3 down will begin. Look out below!!!!!
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Registered User
Joined: 10/7/2004
Posts: 73
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I Agree 100%
Wave C popped up and finished wave 2 after the FED meeting.
Its all downhill from here.
<:o)
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Registered User
Joined: 12/19/2004
Posts: 457
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Although I don't see any wave 3 based on my counts, I agree we are likely at the end of the bull market since 2002. Look out below indeed!
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Registered User
Joined: 10/7/2004
Posts: 264
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Must be time to go long.
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Registered User
Joined: 12/8/2004
Posts: 1,301
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QUOTE (Golfman25) Must be time to go long.
Load up. Back up the truck. I won't mind buying your shares from you 15% cheaper.
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Registered User
Joined: 10/7/2004
Posts: 319
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Elliott wave theory is a total mystery to me; but I do know one thing, if the major indices break up through near term resistance levels, go long. If they break down through their respective support levels, go short. My suspicion is that the latter will prevail, mainly because of the Fed and the mounting international tensions. Cash looks real good to me right now.
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Registered User
Joined: 10/7/2004
Posts: 73
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Well, as long as we all use stops...then we should all be okay regardless of the outcome.
<:o)
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Registered User
Joined: 3/21/2006
Posts: 19
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Another short term problem is most all indexes cannot maintain a close above their 50 DMA.
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Registered User
Joined: 12/8/2004
Posts: 1,301
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The 10 DIA aug puts I purchased at 1.60 are looking awfully good right now. I probably screwed up, but I sold 3 of them today for 2.50 and 3 for 2.65 so basically I am now only risking about 60 dollars on the remaining 4 puts.
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Registered User
Joined: 4/8/2006
Posts: 5
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Taking technicals out of it for a second, it does not seem to me that the market will make it that simple for either side right in here. If successful test of 11,000 on the DOW passes today that could give steam to a rally to retry 11,300 --no matter what Elliot says.
For the wavers on the board did we pass the point 2 in the correction wave right after July 5 or are we still in wave 2..only to peak higher. Agree with the eventual fall. Believe this will be a very ugly fall going into elections.
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Registered User
Joined: 12/8/2004
Posts: 1,301
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I agree somewhat. Number one, a wave 2 or a wave 4 can be simple or complex. We have no way of knowing this in advance. There is the theory of alternation which states if wave 2 is simple then wave 4 will be complex or vice versa. That is why I closed 6 of my 10-112 puts today. We could meander in a range for a couple of months. I do show the dow can make it very easily to 11317-11365 and still be in the normal contraints of this wave 2 upward trend.
I see nothing in the immediate future that can propel the market higher than the range mentioned above, but I sure can see many things that can drive the market lower.
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Registered User
Joined: 12/8/2004
Posts: 1,301
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Well I got stopped out of my remaining puts today at 4.10 which is a very nice profit but when the market stopped trading the last bid and ask was 3.80 and 4.00 respectively so I thought my good for day order was safe. Sure enough I just thought I would take a look and my puts are gone at 4.10.
The same thing happened to me when I purchased the puts. I put a bid in at 1.60 and after the market closed I had the shares even though my bid was under the current bid. I never even knew I purchased the puts until the next day.
I can see how this could happen when there are a flood of orders hitting the market at the same time but in this case there were 660 contracts traded all day.
I still think the dow will drop to an absolute minimum of 10550-10650 with the most likely target of 10272-10366 in this wave. I probably left a whole lot of money on the table but I guess I can never complain with that kind of profit.
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