ETF SWING & DAY TRADING

[SyndicateTwo]

Poker, that chart you posted has a problem with your count. And it's also shows why Elliotwave is such a voodoo study. So many people mis-represent it, it's almost useless to most. You show the breakdown of how a typical wave count 'should' be. But in your actual chart, where you lable the correction off the 2000 peak as an ABC forming, your B wave should consist of nothing more than an ABC itself. Your B wave as you label it is drawn from the Oct 2002 lows. But there is an absolute 1-5 impulse starting on that date in all three indexes - the DOW, S&P, and Nas. Plus, as I posted before, you have to relabel your counts if a wave exceeds 61.8%. The DOW (61.8% was 10,000 right on the money) is way over that. The S&P (1253 was its 61.8% level and as you can see we blew through that this year). The RUT is hitting all time highs and that means it, along with the DOW and S&P are no longer considered in bear markets.

The only index that has yet to catch up is the Nasdaq. It hasn't even retraced 38%(2638). The Nasdaq fibo retracement levels are

38% - 2638.73
50% - 3114.89
61.8% - 3591.05

Therefore, in elliot terms, those are the targets.


Just look how Nas is holding 2300 oh so beautifully