At The End Of 5th Elliott Wave.

[malvado xetra 10]

Markets Probably Are Reaching The End Of Elliotts 5th Wave.

 

If Crude Breaks Ressistance At 66,50$ Will Start An Up Trend Looking For The Levels Of 68 0r 69$.

 

Tomorrow A Weaker Than Last Year 1st Quarter Gdp Is Expected.

 

May Starts Next Week.

 

Lets See Whats Going To Happen From Tomorrow And Next Monday

[notouch 10]

They do say sell in May and go away but Elliot Wave isn't a great way of calling tops. We don't see any signs of a top right now like an exhaustion spike or a double top and until we do we can assume the up trend is still intact. Trying to call tops every day is sort of a pointless endeavour.

[bh_trade 10]

Ask Bob Prechter about predicting tops using Elliott Wave. Dude got bearish in 1997 and still is today. Of course Feb 27 was supposed to be the start of some great new bear market, but predictably his short-term analyst has slowly capitulated on the bearish view. 3 (not C) down was *supposed* to be confirmed starting on 3/29. Then the market rallied the next 7 days and the analyst went with a B up preferred count, with the elusive yet potent C down yet to come. Problem was too many bears looking for C down. As of yesterday he finally gave up and basically said "well crap, I guess we are in a 5th wave up". Someday it will end badly because of the parabolic nature of the rise, but man, selling weakness over the last month or so has truly been the kiss of death.

[malvado xetra 10]

I Work On The Dax Future But, I Follow The American Markets Also.

 

Dax Future Made This Morning A Big Upward Gap That Filled This Afternoon (european Time) Whith The American Opening Markets. And, Now Dax Future Cant Price Above This Gap

 

It Could Be An Exhaustion Gap And First Symptom Of Weakness. Apart From Elliott, Crude And So On. At The Moment Im Not Playing Any Short Entrance And Only Try To Draw A Possible Scenario. Your Scenario Is That The Up Trend Is Not Finished Yet But, I Think That Exhaustion Symptoms Are Coming Up. Dont Believe That A Correction Will Change The Bull Market But, An Strong Down Move Is Up To Appear Or, I Think So. Just Waiting For Weakness Signals On My Trading System To Be Alert