Elliott Wave Live: The Market Pulse

Wednesday, May 4, 2011

The Market Pulse

The ES_F wave count boils down to one simple thing... wave overlap. Should the market print below 1335.75, then the rally from 1243 to 1367.25 will be confirmed complete in three wave and opens up two alternatives which I will discuss later in this update. Until that event occurs, the preferred count has the market pushing higher in w.5 to the listed targets.

Alternate Counts:

Running Triangle

Under this interpretation, look for the market to retrace each previous swing by the 618 multiple. In doing so, the expanded flat interpretation (below) would then be eliminated. At a minimum, I'm looking lower for a test of 1290.5 for w. c.

Expanded Flat

Under this interpretation w.c of w.4 is underway and should unfold in an impulsive manner... targeting 1196-1214 with 1205.85 being the most common wave relationship where w.c = 1.618 w.a. Once complete, expect a new recovery high.

One area of concern for both alternate counts is that w.4, when complete, will be too large (time relationships) v.s. it's brethren w.2. So possibly a larger degree pattern is unfolding... one that will need more data to determine the validity of such a proposal.

I hope you found this information helpful and ...

Best of Trading

3 comments:

JahDaveMay 4, 2011 at 9:36 PM
Hi Mike,

I thought about the expanded flat on the EUR_USD myself, but that would mean that these markets are going to all time highs and that there will be a huge breakout to the upside..........I just can't buy that myself because that will make 7 waves on the long term charts and then the markets will have to make 9 waves to be a valid impulse wave according to Elliott............This will take years to develop and it will become obvious within the next 1 or 2 years that the whole world economy is screwed..............LMAO.......(maybe a little unrefined on my part,,,,,,,,but look around brothers and sisters......) I sincerely hope that everyone is prosperous, just listen to Mike and other good chartists.....

Peace,
Dave
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MGDMay 4, 2011 at 10:18 PM
Is it possible for C being 2.62 of A in case this is an expanded flat ?
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MikeMay 5, 2011 at 6:43 AM
Dave - I'll put up my count for the EUR-USD later today. I do believe markets are moving as one and the wave counts are similar.

MGD - usually w.c of an expanded flat that goes beyond 1.618 turns out to be another pattern. The 2.618 fib multiple can occur but such a large w.c is considered rare.
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Wednesday, May 4, 2011

The Market Pulse

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