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Strategies & Market Trends : Visit Mr. Elliott.
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To: skinowski who wrote (630)6/23/2007 9:00:09 AM
From: hawkeyefan  Read Replies (1) of 656
 
It does seem the SPX wants to dive lower. The waves don't look complete from the start of downtrend on June 20.

The SPX closed below the 50DMA yesterday. But of course that could be fixed in a hurry.

What bothers me is that the hourly charts are showing divergences on the Stochs and a little on the RSI. But again that could change in a hurry, also.

I get confused trying EW counts on a move in progress, but I would think that is true of anybody. But this move should have some more to go into Monday or Tuesday.

I have a question. When the SPX went below 149.00 in early June, can that be construed as a signal of eventually lower markets? 149.00 was the bottom of the 4th wave of the advance from the March lows. At least to me it seemed that way. When reading EW rules that should be a signal.
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