We are coming up from a 4th wave elliot correction, this could be the start of 5 waves up complex and impuslive. or we could go down. In any instant the odds are 50/50 % that is a fact
but if we go up and cross those levels i am long.
We have completed the wave 3 down I called for and are bouncing from the level called, in previous posts. Now we will go up as high as R1 before potentially descending on a 5th wave down.
If we break the R1 that would be very Bullish. Remember at any point it time the odds are 50/50% of going higher or lower, fact. So you have to see both possibilities.
We are in an ABC wave 2 counter trend reversal IMHO... In the short timeframes the trend is down.
Of course at any given moment the odds are 50/50 but it looks a lot like a setup to go down soon to me.
KD Formerly "Kauai Dave of kauai Daves TrendTraders" over on eSignal and TCNet
I use a lot of different charts if you like this one talk to Mort Diggiddy
Wall Street has proved once again they can do whatever they want, and ignore longer term patterns, but eventually they have to let it fall again as proved by the years 2015 and 2018. I tend to arrive to conclusions early before everyone else sees the Elliot Wave counts
Many people think the Bear market is over, they think we are heading into new all time highs. Anything can happen, but I think the last few weeks have just been a wave 4 before we head back down hard
on an impulsive complex wave 5 down.
ABC into a complex impulsive SELL setup in effect since Dec 12th... Look at the sell vs buy volume...
Three or four small buy bars followed by 5 heavy sell bars... Selling goes on even in green bars, it simply
means the owners of the biggest gambling casino in the world are selling at the bid... the next day
they might take it up so they can sell again.
I have published a lot of useful trade setups so I hope you all will forgive me for 1 funny story. I am testing NinjaTrader out and will probably buy it. So i was watching a training video
on youtube. There was a link to the NinjaTrader website and a guy popped up and asked if I wanted help no clicking to get chat on my part...
I asked this guy who pooped up...
This is a continuation of the Wave counts I have been doing here for over 2 years. Having completed 5 waves down, which conform to elliot rules (look closely to the wick wave 4 does not cross into wave 2, wave V goes beyond wave III) etc. We have completed wave A UP and now looking to go down on wave B.
As those who know me at all know.. i use a lot of different tools The Pivots, EMAs, VWAP, Market Profile (price volume in different time periods), Fib analysis, etc.. but my favorite is Elliot Waves, and there is my count and then there is the count, and setups from the MTPredictor SW... This is a sell setup that appeared in the 1 hour timeframe at 6:00 AM EST...
Back when I ran a room on TCNet "Kauai Dave Trendtraders" i learned many things from the folks who ran the other rooms there. One guy ran a room based on a series of EMAs he called the rainbow. In this chart I have picked EMAs that relate to fib numbers. The idea is very simple.... If we are above the rainbow you should be long, if price is below the rainbow...
In this 1 hour chart I have marked the possible 1st and 3rd impulsive and complex waves down in red, the corrective waves 2 & 4 to the down trend in this timeframe in green... One possible scenario is we go down on a 5th wave impulsive and complex next. Sometimes I post MTPredictor trade setups, and Steve Griffith's count, but this one is mine.
This is a follow up to my previous post, because the numbers were half off the screen. The wave count is the same 5 waves down in a 4 hour time frame. There are 2 additional Elliot Tools that confirm my count, the EWO (Elliot Wave Oscillator)
which is a free TV Indicator, and the MTPredictor MYP STF. It you look at the red and green cycles in these two...
All the charts I have seen by other Elliotitions in these rooms show how this correction so far is a simple ABC, indicating
we go up, after an abc correction, and yes I expect a bounce, but what is we are in the first set of 5 waves down to be followed by an ABC then the next set of 5 down... I noticed the 7 days of UP had a green doji right in the middle in a...
There was a similar setup on Nov 7th to go short, with a target just below price here, that obviously worked.
I have been short from the very top so this is NOT a report from a "buy the dips" guy.
it includes entry price, stop and targets.
RISK EXCEEDED just means that the stop was tripped at that price, I expect we go a little lower before this...
Based on Elliot Waves which are working correctly again. I have been short from the very top.
By the time we reach ES 2590 we should get a bounce. That is 5 waves down in DAILY Elliot Waves.
at 2590 that would be a 38% correction.
If the Bear market continues after an ABC corrective move UP my next target down is 2390.
This would be when we have completed 3...
2015 was a wave 4, complex and corrective. My "possible wave 5" came to fruition.
WE have down a wave 1, complex and corrective (to the bullish trend) down. Since the recent top,
we have done a wave 1 down with sell volume of a massive scale, and an ABC (simple and corrective)
I think we could e coming up on a 3rd wave down. We should start wave 3 by...