VIX A-B-C down sequence for the A-B-C x A-B-C still got an unfinished business:
- img38.imagefra.me/img/img38/8/7/30/aarc/...
How the last C-wave will finalize is still up for grabs.
The a:3 - b:3 - c:3 sequence is a potential triangulation since that is how they look like. But then again, VIX does not follow conventional wavecounting rules (most of the time) thus I allow it a wide leeway as far as Elliott Wave rules are concerned.
EOD Wrap:
I bought YM (small bets) today at 10,376 and 10,384 on a pullback after the initial bounce early this afternoon. Sold half when ES hits double top on 5min chart (for pocket money) and keeping the other half at breakeven.
YM is a potential "failed" Head and Shoulders pattern on the daily chart:
- img38.imagefra.me/img/img38/8/7/30/aarc/...
YM is the leader of the pack so I use it to get ahead of the markets.
For now, the Spx intraday 30min 50ma resistance and the daily 79% fibo retrace resistance (from 1011 o 1131 range) is trying to keep SnP500 down. But since SnP500 was already able to break above the 79% fibo retrace on the first try; it is expected to be able to reach 1131 as well - based on conventional trading analysis (not Elliot Waves method).
My EW brain is complaining hard due to the highly unusual intraday price structures that had been unfolding since April 26, 2010.
But let's see how this works using traditional analytical methods.
Monday August 2, 2010 Update:
- YM 3rd-wave target for 1-2-3-4-5 rally off the higher low bottom of 10,298 is 10,685. So I will be selling my YM daytrade (bought at 10,384) at that level or if the trailing stop now at 10,585 got hit (whichever comes first).
- VIX weekly chart broken downtrendline (2-4 Testline) support is at 21.23 area and may cause a reactive bounce for the VIX. Thus, better to be cautious again if and when VIX hits the 21.23 area.
- Euro$ 3rd wave up on the daily has a ceiling of 1.322 but the intraday 24-hr 240min chart has a nominal target of 1.3215 and upper extended target of 1.336. 1.323 to 1.328 range is the more likely final target by using the 60min chart for fine-tuning.
Once Euro$ starts correcting for the 4th-wave; DAX of Germany will more likely starts correcting too and so does the ES (and YM) futs for the US.
VIX Watch
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