Saturday, October 24, 2009

QQQQ Heretics View of EW

Probably some strict Elliotician's will have umbrage with this view of QQQQ. Appreciate all comments. I think EW can be useful at all time spans, but I also think that sometimes the rules need to be bent, especially at the topping process of a major Mania. I don't know for sure that my alternate is truly even bending the rules.

This says either the top is in, or we were $.16 from the top, assuming C=A


  1. Hi Steveo!
    Let me send you my 2 cents.
    SPX 500 - Monthly - " Follow Trend "
    I use some indicators that I created, but I like to follow the traditional indicators.
    Important to follow market and follow trend.
    Follow the trend is have the opportunity to make money more easily. And that's what all the trades want.
    This chart is one of my preferred to see the long term.
    With a week over a monthly closing, we have only 50% of bullish signal.
    For a bull market I need to see:
    1 - Close > Moving Average;
    2 - RTS Indicator -> Black line > yellow zone.

    SPX - Road Map " Bullish Scenario" - Weekly Update

    **************** Advise ********************
    Build short positions > 1080
    Fisrt Target [1005,1020] 70%
    Secound Target [975,980] 30%
    Indicator didn`t follow price.
    Testing this week again trend Medium vs Long Term.
    Market Losing Momentum.
    Possible bearish divergence but need confirmation.
    Nice weekend for all

  2. Hi Steve
    messed up your chart a little

  3. DDT, thanks for messing up the chart...I like your interpretation to. I may look at SPY and DIA later if I have time. I am liking the $DWC which I did a fresh post on.

  4. Hi Steveo,
    2 cents and 2 charts
    Both charts tell me the same.
    NDX losing momentum, the market appears to be overbought.
    Big resistance between [1760,1810] area and got this ascending wedge pattern.
    A lot of traders are/ will watching this, and they will jump.
    NDX 100 - Big Picture " Road Map"
    Weekly chart to follow coming weeks.
    I expect Top Medium-Term between [1761-1811].
    Natural target for first pullback between [1420-1490]
    **************** Advise ********************
    Build short positions > 1760
    First Target [1490-1520] 70%
    Secound Target [1420,1450] 30%
    Indicator didn`t follow price.
    Testing this week again important resistance Medium-term.
    Market Losing Momentum.
    Big trades for you Steveo.
    I will put your blog my best trades blog - At the end of my blog.


Insightful and Useful Comment!