Thanks rat. Great trading week to everyone!

Al, got it....one thing I would add is this....when roofer first taught me to trade the median line reversal setups, sometimes they worked beautifully and sometimes an abcd setup against the trade and they failed. I finally learned that that abcd was almost always a wave 4, and that I had shorted (gone long) at the end of a wave 3. He led me to learn about ew, and what little I've learned has helped me no end.

rat,

OK. Sorry I am so confusing. roofer is a smart and wise man.

Al :--)

Very thoughtful. One thing I can add to this, is that each market has its own, specific number of waves. Many of them follow a classic EW structure, but some are exceptional, which can be exploited.
The other thing, that is meant to kick out us, retail traders, is that quite often a market turns into 'W2 negation' mode as I call it. It means that W4 top/bottom (depending on direction of a given wave, within which you do the count), violates W2 top/bottom, which makes it really hard to count, or leads to a false notion that the structure has been negated, which eventually turns out not be true - W5 after W4 finishes the structure as if nothing odd has happened on the way.
Just my two cents.

I love this place. You guys post a lot of quality charts.

Originally posted by rat89

Al, got it....one thing I would add is this....when roofer first taught me to trade the median line reversal setups, sometimes they worked beautifully and sometimes an abcd setup against the trade and they failed. I finally learned that that abcd was almost always a wave 4, and that I had shorted (gone long) at the end of a wave 3. He led me to learn about ew, and what little I've learned has helped me no end.

Marcin,

And you also post good quality charts.

Al :--)

Well, well, hey Marcin....yes, you are right about that! And that is exactly what spx did yesterday, what was on my radar as the wave [4] took out the top of wave [1] at 2817, violating a structure in place since early January.....so that means that the low yesterday is only wave [2].....OR that wave [4] will turn into an ew triangle, ABCDE, working on B now. Very tricky...

Originally posted by MarcinO

Very thoughtful. One thing I can add to this, is that each market has its own, specific number of waves. Many of them follow a classic EW structure, but some are exceptional, which can be exploited.
The other thing, that is meant to kick out us, retail traders, is that quite often a market turns into 'W2 negation' mode as I call it. It means that W4 top/bottom (depending on direction of a given wave, within which you do the count), violates W2 top/bottom, which makes it really hard to count, or leads to a false notion that the structure has been negated, which eventually turns out not be true - W5 after W4 finishes the structure as if nothing odd has happened on the way.
Just my two cents.

I love this place. You guys post a lot of quality charts.

Originally posted by rat89

Al, got it....one thing I would add is this....when roofer first taught me to trade the median line reversal setups, sometimes they worked beautifully and sometimes an abcd setup against the trade and they failed. I finally learned that that abcd was almost always a wave 4, and that I had shorted (gone long) at the end of a wave 3. He led me to learn about ew, and what little I've learned has helped me no end.

gld 60 - why I am looking for a lower low....note that at the low in early May, there was positive divergence on the cci 120 but not on the cci 40, or the cci 480. gdx retested at .886 the other day, but the rise off that retest has been insipid, with the cci 40 and sto putting a negative divergence this morning vs price, and the cci 480 at the 100 line. For a swing long trigger I would like to see a lower low with positive divergence on the cci 480

Came back home after business trip late today, almost two hours after American open, but I guess Nasdaq still has a lot of room to the upside.
My AOC for today is at 7560. Longer term goal, with timing for Friday evening or Monday is just above 7700, however I expect a serious correction starting overnight till tomorro open, so my tactics for today is to close long around my AOC, probably within the last two of RTH, and maybe even risk an overnight short, or give it a try tomorrow during early European session.


Upsloping ML set seems strange, because I anchored it to the right-most of the double top. It may seem like 'fitting' to the area, but this serves more as a timing factor rather then key element of PTA.

Yeah Marcin, you are right! It is Soooo awkward for me to count wave. Still they are patterns, as are ABCD's . This distinguishes Jim's work. His patterns have fib confluence. Still they would be useful if I could find out if it was a 4 or a 2!!! Thats why we have fibs and lines!!!!!!!

USDJPY at fib and line. Could be an EXP ADCD?

Still looking for a correction on the USD

Could Oil go higher?