What happened today?
A summary of Wednesday - October 13, 2004
5 Minutes
60 Minutes
Pivot Points For Tomorrow
Elliott Wave For Tomorrow
Today was a classic 1-2 set up—gapped up and filled yesterday’s gap before impulse took hold to new lows—the market
place is increasing chaotic—take a peak at today’s chart for oil and Euro—clear mayhem. This is the sign of having
reached a point of equilibrium in the stock market and the favored C wave is taking hold - though to be fair until
I (circled) is cleared one has to keep alive that this is correcting 3 up. At the moment don’t forget technicals and
forget the noise of the crowd and the TV heads—trade technical and remember you are not trading oil you are trading
indices! Also remember anything over $28 a barrel Is considered very high—so a pull back from 53 to 51 to 54 is
hardly significant—it is called manic behavior. Like a scratched record; This pattern gives us—a 1-2 of the third
wave down, wave iv of (I) the wave 5 higher. Thus it is representative of a chaotic market—in such a situation Gann
Arcs and Fibs come to the fore.. To recap we favor that we have seen the completion of the C wave which in a third
wave is paramount to completion (be it C or iii). People scared of missing out (greed) and of losing (fear). It is
important to remember that we have at all junctures now completed the mathematical requirements and market behavior
requirements for a final C or wave 1 of iii up— the alternative of wave (I) higher remains a strict option until we
see 5 waves develop beyond an X.
This is consistent with the market starting to develop into more and more the beginnings of the third of a third.
The general drift does suggest we are beginning the third in a manner akin to apathy which one may suspect when we
hear of booms everywhere - Property, Stocks, Bonds, commodities, Art - the list goes on.
Watch your Ganns and trend lines for a clearer indication—this is a mania of extreme delusion so expect the
unexpected!
S&P Daily
S&P Weekly
DAX Intraday
Dow Intraday
A Cautionary Note
One thing we stress is that our preference for using Elliott Wave analysis is to get a handle on the market’s
emotional or psychological elements. As we stress because of the complexity of the market participants there is
unfortunately no one single answer for an Elliott wave correction, such as there is for an impulse wave (five
waves). Indeed there are eleven different corrective patterns and/or combination of patterns.
A summary of Wednesday - October 13, 2004
5 Minutes
60 Minutes
Pivot Points For Tomorrow
Elliott Wave For Tomorrow
Today was a classic 1-2 set up—gapped up and filled yesterday’s gap before impulse took hold to new lows—the market
place is increasing chaotic—take a peak at today’s chart for oil and Euro—clear mayhem. This is the sign of having
reached a point of equilibrium in the stock market and the favored C wave is taking hold - though to be fair until
I (circled) is cleared one has to keep alive that this is correcting 3 up. At the moment don’t forget technicals and
forget the noise of the crowd and the TV heads—trade technical and remember you are not trading oil you are trading
indices! Also remember anything over $28 a barrel Is considered very high—so a pull back from 53 to 51 to 54 is
hardly significant—it is called manic behavior. Like a scratched record; This pattern gives us—a 1-2 of the third
wave down, wave iv of (I) the wave 5 higher. Thus it is representative of a chaotic market—in such a situation Gann
Arcs and Fibs come to the fore.. To recap we favor that we have seen the completion of the C wave which in a third
wave is paramount to completion (be it C or iii). People scared of missing out (greed) and of losing (fear). It is
important to remember that we have at all junctures now completed the mathematical requirements and market behavior
requirements for a final C or wave 1 of iii up— the alternative of wave (I) higher remains a strict option until we
see 5 waves develop beyond an X.
This is consistent with the market starting to develop into more and more the beginnings of the third of a third.
The general drift does suggest we are beginning the third in a manner akin to apathy which one may suspect when we
hear of booms everywhere - Property, Stocks, Bonds, commodities, Art - the list goes on.
Watch your Ganns and trend lines for a clearer indication—this is a mania of extreme delusion so expect the
unexpected!
S&P Daily
S&P Weekly
DAX Intraday
Dow Intraday
A Cautionary Note
One thing we stress is that our preference for using Elliott Wave analysis is to get a handle on the market’s
emotional or psychological elements. As we stress because of the complexity of the market participants there is
unfortunately no one single answer for an Elliott wave correction, such as there is for an impulse wave (five
waves). Indeed there are eleven different corrective patterns and/or combination of patterns.
