While We Wait

With a bit more time to kill until thy Holy Oracle will announce its verdict on the state of financial affairs I’ve got a bread & butter chart for you EWT addicts:

I have been insisting we would bust higher for the past few days, so if you got caught in this bear squeeze, you only have yourself to blame. Now, seems to me that the party may not be done just yet and I have my sights set on 1066, which is when various things fall in place:

• Minuette (c) of Minute {ii} will measure almost exactly 165% of (a) of {ii}, which is a maximum guideline in Elliott Wave Theory (EWT).
• We will have reached almost exactly a 50% retracement of Minute {i}.
• We will be right at the previous fourth wave [ i.e. (iv) of {i} ].

That’s pretty much it – just the facts, ma’m – just the facts. Now you know where I will be tempted to back up the truck and load up on more puts (again). But remember – I am almost suicidal in my bearish inclinations – so, don’t do what I do. Listen to Cramer, or to Ben Bernanke – even that Nigerian taxi driver I had a chat with a few days ago seems to know more about the market than I do. I mean, after a 60% run up in eight months – what’s another 20% – 30%? Right – almost guaranteed – don’t worry – be happy – Helicopter Ben got your back.

The poor buck has been utterly smashed to smithereens in the past two days. Boy, if you look hard you can see an imprint of Bernanke’s thumb on the chart. I could count this as an expanded flat but frankly – I’m scratching my head a little here. That’s quite a sell off. Not much help on the RL front btw:

We should have bounced around the 76.3 mark as we had two high frequency RLs positioned there just for that purpose. Of course Mr. Dollar refused to cooperate, thus the entire exercise is academic at best – we are outside the laws of probabilities (or gravity) now – if we 75.8 (see the tiny RL on the very bottom) I think we bears better put on our winter coats as it could get uuuuuugly – as in Soylent Blue ugly.

Berk here:

A quicky chart of how I am determining my target for re-entry on X.

X re-entry technique

Convenient Fib retrace level, mixed with Fib extension level…

Same on FWLT…

30 or 30.5 was a little early, but you'd be up right now...

2:22pm EDT: Let’s hope they push it to 1066 – come to daddy!!

I’m waiting!!!

This entry was posted on Wednesday, November 4th, 2009 at 1:40 pm and is filed under Currencies, EOD Wrap Up, Elliott Wave Theory, Fractals, Intraday Update, Retracement Levels, Trading, evil.rat, resident.evil. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.