cguthrie922
Long

Just Started Minute Wave 3

SPCFD:SPX   S&P 500 Index
The drop today was expected. We have just started minute wave 3. We will take out the recent top and most likely see our next reversal between 2830-2870 over the next 2-4 trading days. Check out all in-depth analysis on my site. Still looking for market top by mid-November above 2950-3000. The wild ride is not over yet.
Expand Your Knowledge
Elliott Wave Ideas
Website: elliottwaveideas.com
Twitter: @chrisguthrieusa
Facebook: https://www.facebook.com/LimitlessLifeSkills/

Comments

Thanks for the input
Reply
Looking at your page, your SPX count is entirely invalidated.
Reply
No offense, but there is alot wrong with this count and many violated Elliott Wave Rules.
Reply
@ben01, examples please?
Reply
ben01 cguthrie922
@cguthrie922, Well first off, your wave (4) has now entered the territory of wave 2 = immediate invalidation... Only Diagonals can have 4 v 2 overlap. Also, you are labeling a 3-3-5 zig-zag correction as an ABCDE. ACBDE labeling is only applicable to triangles, not what you have there. Your first (i) is a 3 wave move, not a 5 wave move... Also, you are labeling your primary degree wave 4 on the daily as an ABC -- it was a perfect triangle, and we've seen a post triangle thrust 5 wave movement to complete a higher degree wave (1), and are now in wave (2).
Reply
@ben01, I appreciate the feedback. I understand most of your points, but appear to have been taught slightly different. I understand why you mentioned 4 was a perfect triangle whereas I marked it as an ABC further putting us in wave (2) vice the wave (5) I am currently tracking. There are many schools of thought and practice with wave theory. I have been wrong a lot, but will see what the end result will be.
Reply
ben01 cguthrie922
@cguthrie922, Absolutely! Glad to see more people utilizing the EW theory, it's a lost art among newer generation traders... I trade 100% the Ralph Nelson Elliott original theory, and studied the EW Principle book by AJ Frost and Robert Prechter. Will put a video together and send you a link, maybe we can correspond and chat EW more often, would be fun. I'm a full time, 100% EW+ fib only trader.
Reply
ben01 cguthrie922
@cguthrie922, Here is my interpretation of our current decline https://ibb.co/gviUt0
Reply
@ben01, Nice. I read Frost/Prechter cover-to-cover 5x and get more each time from it. I expected this price behavior today but missed an opportunity, kicking self now. More to come soon.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out