Excited about the 50dma

... I was trying to open a chart to talk about it, but then I became distracted by a million charts...
Ok, I managed to pull a chart.... 50Day moving average.... What is is? well it is the average of the market for the past 50 days. It's been what 42 trading days since the nov 11 low.... So what can we draw from this? That in an oversold bounce off Levels not seen in my trading life, The market pulled off an impressive Feat(feet?). To go up for 50 days.. or actually if we discount the last 3, for 31 days... Giving us a 50 dma that isn't that hard to get above. Is it significant? sure... But does it mean "Glory days are here again" I doubt it. When you look at that yellow trend line and realize that it is about 40 days old, Of course the 50dma is going to be roughly where we are.... I guess what I'd say, is that all it means is that we have had an uptrend longer than 50days.

All I'd say is it give another inflection point for support resistance for traders to use. Like I've sugjested it also gives us a nice point where every trader and his sister can say "if it gets under the 50dma, I'll get short." Then we could run out of sellers, and get a nice bounce.
I made a comment about EWT, and I wanted to folow up with a chart.... In blue we have a very nice Wave 1 and wave 2. now here is the divergance we can look at the pink line and show a nice wave 3, 4, and 5... is the trend over?

in red I have another possibility, a wave 3 that goes to the jan2 high, Valid wave 3.. so we now are in the wave 4 pull back.... And theoreticly then could push higher in a nice wave 5 through 100spy....

Then again I have a purple line which shows a nice wave 3 into 100spy(if it happens), which then could form a nice Wave 5, even higher.....

So, what I take from this is that it's not predicive... So how can I use it....? Well with risk management, I can now eliminate Random walk from my trading. Use some game theory on 4 possible market outcomes, and trade acordingly.

Using my chart from friday of the completed wave... instead of a 50%/50% chance of an upwave or down wave... I can suggest we have a 60/40 chance of going up.

After that move we have a 50/50 chance of going up or down... But Because of the Lack of conviction on friday.... I doubt that the move will be a strong one... SO I say 60/40 we go back down after a small Bounce.... THEN we get a Strong reaction.....

But all of this is 5 moves ahead.... I just need to prep for tomorrow's move, then asses the move.

Assessing the difference between an "Impulse move up" and a "Corrective move up"... Corrective moves come in the form of a "Flag" AKA "ABC correction"

Right so we break down the Elliot moves. You have a nice Bull Flag at the bottom (wave 4 and 5), You get a Reversal (Wave 1) a correction (wave 2, Bull Flag), Impulse move (wave 3), then a nice bear flag Wave 4, and 5
so lets look at the last few weeks of action.... I've marked off the purple impulse move... and also marked some of the Bear Flags in here. Now Damn... I didn't get it in this chart, but those last 2 bear flags actually make a Bull flag... which makes me think we will ge ta bounce... but because there isn't a Significant Bear flag... It says to me that the Down move is not finished and wont be until I can see a Good sized Bear flag... which I have drawn in orange, with it's resulting downmove which should give us a reversal... and will probably take 2 days.... But as I was getting at is that the "Flag moves" tell us there is a change in momentum.. and their size can indicate the Result.

But... My point is EWT is just an impulse wave surrounde by some Bear or bull flags