5-wave decline for S&P

[Steve Griffiths]

Hi Everybody,

After nailing the high on the Nasdaq, it is very interesting to see how the decline from this high (on the S&P and Dow in particular) has unfolded. As you can see from the chart below, this decline has unfolded in a 5-Wave sequence. As you all know, a 5 wave sequence is impulsive, so is this now a signal that a Major high has been made and we are now in a new Bear phase ?

It will be interesting to see "if" support can come in today at the Typical Wave 5 WPT....

Steve

[Larry22]

It is also interesting to see that the SPX has reached a decision point from the low of sept 10 2007.

So we have 2 targets at this level. ;)

[jjc]

It is also interesting to see that the SPX has reached a decision point from the low of sept 10 2007.

So we have 2 targets at this level. ;)

And on 11/26/07 was an outside day and today 11/27/07 was an inside day...and it closed slightly above the midway point from the 11/26/07 high. Does it hint a bullish bias?

j

[pegasus5]

Will Price Reach Wave 1 or A?

[tar001]

I am going to go out on a limb here and say yes
:D


Will Price Reach Wave 1 or A?

[d-day]

lol

too funny:D

And to think Tar, you made the call in real time lol

[tar001]

Every now and then you have to stick your neck on the line, please verify that time stamp on there
hahahahaha
:D



lol

too funny:D

And to think Tar, you made the call in real time lol

[Steve Griffiths]

Yep......

As if by "magic" the Wave 1orA WPT has ended the recent advance from the prior Wave 5 low. Just as taught in the Trading Course...

It is amazing how many times these WPT's seem to nails the highs and lows for you :)

Steve

[Steve Griffiths]

Yep, the WPT's just keep on coming !

As you all know from the Trading Course, the "initial target" following a completed Wave C high is the Wave 1orA WPT from the prior Wave B swing....

Well look were the recent rally in the Dow started from - right at the Wave 1orA WPT !!!

Amazing :)

Steve

[Larry22]

We have not quite reach the DP in the SPX, but we could have completed a double ABC pattern, but again I would have preferred the second A wave down to go lower then the previous C wave

It will be interesting to see what the market will do.

[Steve Griffiths]

Hi Everybody,

Well we did indeed get a minor "bounce" from the Wave 1orA WPT that I outlined in my last post.

The S&P then continued to decline, but it is very interesting how this decline has unfolded as a 3-swing ABC pattern. This is more "corrective" rather than impulsive". We are also now at the level of the Typical Wave C WPT....

So will the market make a low here ? Or will it push lower immediately today ?

As such, the market is at a major decision on the next Intermediate degree move. right here, right now....

Steve

[d-day]

Hi Everybody,

Well we did indeed get a minor "bounce" from the Wave 1orA WPT that I outlined in my last post.

The S&P then continued to decline, but it is very interesting how this decline has unfolded as a 3-swing ABC pattern. This is more "corrective" rather than impulsive". We are also now at the level of the Typical Wave C WPT....

So will the market make a low here ? Or will it push lower immediately today ?

As such, the market is at a major decision on the next Intermediate degree move. right here, right now....

Steve

Hi Steve,

Good stuff! Thank you for sharing this with us. Brings back memories of the good ole days when I made reading your report the first thing I looked at as I drank my morning coffee. I know I'm not alone in wishing that you would bring it back in some form.

Thanks again,

David

[Steve Griffiths]

Well,

After yesterday's sharp fall I think we can say that the "decision" the market made was to continue on down rather than to reverse.... :rolleyes:

Steve

[d-day]

Well,

After yesterday's sharp fall I think we can say that the "decision" the market made was to continue on down rather than to reverse.... :rolleyes:

Steve


I'd still like a little more in the way of confirmation lol

[Larry22]

We have not quite reach the DP in the SPX, but we could have completed a double ABC pattern, but again I would have preferred the second A wave down to go lower then the previous C wave

It will be interesting to see what the market will do.

Well, well well, it would seems that the market finally decided to take my advice and went lower to the DP that I was hoping for.

[tar001]

so we are all systems go on the long side?
:D


Well, well well, it would seems that the market finally decided to take my advice and went lower to the DP that I was hoping for.

[Larry22]

It is interesting to see that the Dow Jones has also reached a DP target.

Well time will tell....


Laurent

[d-day]

It is interesting to see that the Dow Jones has also reached a DP target.

Well time will tell....


Laurent


Where'd you go Laurent? We need our wave count fix!

I hope all is well with you and yours,

d-day

[Larry22]

Where'd you go Laurent? We need our wave count fix!

I hope all is well with you and yours,

d-day

Sorry but I was busy driving my mom (82) to the hospital to see her sister (85).

She is now better but still at the hospital, I should be able to trade I hope next week.

But for now I only watch the ER2 and for today the trend was easy onced we hit the 692 the same low of 01-09-08.

We should be heading for at least 730 as we have an abc pattern that seems to be unfolding then again time will tell.

I will try to post a pic later on.

Still we have to keep an open mind and let the time and waves show us the way. :D

[Larry22]

Update. I didn't like the hourly pattern that unfolded in a 3 wave up pattern like a correction.

So we might be heading lower, tomorrow should revealed the truth. ;)

[Larry22]

After a few analysis I came up with a possible daily wave count on the Russell.

On the attached charts you can see that we might be at a potential reversal area, we could be at the end of the fifth wave of a big C wave and at a 1,618 projection from the A wave.

We can also see that we have made an extension ( 5 waves )in the fifth.

Of course the market can continue to decline but it will be interesting to see how the market is gonna react at this level and with this possible wave count.


Laurent

[Larry22]

For the SPX I did a possible wave count but I must say that I don't really follow the ES so it may not be the best one.

Still we are at a DP, like I'm sure everyone must have noticed, will we have a small climb from this level ???

Time will tell


Laurent

[Steve Griffiths]

Hi Guys

As MTPredictor's automatic Elliott Wave counts show, we are currently in a Wave 3 DOWN..............

So it was no surprise at all to see the markets down heavily today !

Steve

PS, always a dangerous game to try and do "manual" wave counts (especially when breaking the standard EW guidelines) to try and "bottom pick" when markets are declining so heavily...........

[Steve Griffiths]

As a PS,

Just for the EW people out there, here are 3 automatic wave counts as generated by MTPredictor
A 5-wave decline, which is folowed by an ABC correction, so it is no wonder at all that the markets are now in an impulsive decline !!!

Every MTPredictor user who has read the Trading Course and is using MTPredictor's automatic wave counts will know this.....

So no wonder the market was down again today.

Steve

PS. In fact MTP has nailed the wave pattern since the Nov 10 high absolutely perfectly ;)

[rosow]

Steve,
I wrote this to a fellow trader using MTP on 12/31/07!

Lenny

In a message dated 12/31/2007 5:32:08 PM Eastern Standard Time, ROSOW writes:
Hi Ben!! Up in MA/CT for 2 weeks and just catching up on e-mails!! Attached is my take on the S&P 500 daily chart. I'll try to get to the Weekly by next week. E-wave speaking it looks like we have finished a Wave (1) down move in late November. We have either completed wave (2) up in mid December or are still completing a larger ABC Wave (2) up. At this time minor wave 3 targets 1345 and Intermediate wave 3 targets 1230. See attached!

Lenny


As a PS,

Just for the EW people out there, here are 3 automatic wave counts as generated by MTPredictor
A 5-wave decline, which is folowed by an ABC correction, so it is no wonder at all that the markets are now in an impulsive decline !!!

Every MTPredictor user who has read the Trading Course and is using MTPredictor's automatic wave counts will know this.....

So no wonder the market was down again today.

Steve

PS. In fact MTP has nailed the wave pattern since the Nov 10 high absolutely perfectly ;)

[Steve Griffiths]

As a PS,

Just for the EW people out there, here are 3 automatic wave counts as generated by MTPredictor
A 5-wave decline, which is folowed by an ABC correction, so it is no wonder at all that the markets are now in an impulsive decline !!!

Every MTPredictor user who has read the Trading Course and is using MTPredictor's automatic wave counts will know this.....

So no wonder the market was down again today.

Steve

PS. In fact MTP has nailed the wave pattern since the Nov 10 high absolutely perfectly ;)

The Max Wave 3 WPT falls at 1265 -1273 and so far today we look to be making a low at 1262, which is close enough for me, especially as this projection was made from the 1498 high !!!

Steve

[Steve Griffiths]

The Max Wave 3 WPT falls at 1265 -1273 and so far today we look to be making a low at 1262, which is close enough for me, especially as this projection was made from the 1498 high !!!

Steve

Here is the chart............ as you can see, yesterdays low came in right at WPT support !

Lets see what unfolds from here ?

Steve