Comments on: Daily and Weekly View of EEM Emerging Markets

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By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Mon, 30 Nov 2009 21:55:24 +0000

By the bigger picture, I mean other forms of analysis including Fibonacci resistance, negative breadth divergences, negative volume divergences, the intermarket picture, etc. I treat each component as only one input and if I'm getting confusing signals from one source, I tend to focus on the others. I haven't even bothered counting the little fractal waves but that doesn't mean others won't have success counting them – it's just not something that I feel comfortable with (deep level counts).

One other point is that triangles – ABCDE – often occur as the terminal moves before the final wave of a move – as in form in “B” before C completes or form in “4″ before 5 completes.

It's rare to find a triangle in a 2, but from your count, it looks like you've combined wave 2 and the ABCDE triangle (unless you're trying to show an alternate count).

Perhaps the bigger picture in regards to small-cap and XLF is that it is breaking down from a standard “Edwards and Magee” style symmetrical triangle.

By: graspthemarket

graspthemarket — Mon, 30 Nov 2009 21:36:16 +0000

Corry,

Thanks for taking time out of your busy day to help me and my count. I have another question, then. In this case, then…do you mean looking more at the bigger picture such as where I have (1) labeled and (2) labeled, and not the to “worry” as much about the labeling in between? When I was studying the Elliott Wave book, I came across the double and triple threes, and this seemed like a reasonable way to interpret the current chart. Thanks for any additional feedback if you have more time to offer.

By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Mon, 30 Nov 2009 21:27:22 +0000

It certainly is a complex pattern, whatever it is! I try to stick to the “ABCs” of retracements and note the easier patterns (ie – not the corrections) using Elliott in my analysis.

Thank you for sharing.

By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Mon, 30 Nov 2009 21:25:13 +0000

Hey Dan,

Very possible – that's been a good deal of the upward march at least on the traders' end – popped stops at expected resistance levels.

It's almost relentless, and if it keeps happening, then yes, new highs yet to come.

By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Mon, 30 Nov 2009 21:24:09 +0000

Hey Piper,

Well, you're certainly not alone. So many people have been baffled by this rally and the many failed sell signals (valid) that were generated.

It's been interesting, for sure.

By: Dan de Man

Dan de Man — Mon, 30 Nov 2009 21:12:29 +0000

Also looks like we may see some popping stops days soon in the very near future. It was quite a bullish ending today on most of the indices.

By: graspthemarket

graspthemarket — Mon, 30 Nov 2009 21:03:24 +0000

I think the Russell is just as important as the EMM. Both are higher beta, and one might give a clue to how the other could “act.” The Russell 2000 appears to be tracing out 5 waves DOWN from the top on October 19. This chart shows the bottom of wave (1) that began on October 19, and top of wave (2) (the high on November 23). The rally that began on November 2 was a complex countertrend pattern. The first part of the countertrend was an ABC zigzag followed by a three wave move to the X low on November 13. The second part of the countertrend move traced out a triangle marked by ABCDE. You can see the labeled chart along with some other markets here: http://www.graspthemarket.com/elliottwave/20091...