oversold $$$, page-26

re: rjs re Elliot,yes I always look for them the same as fibonacci sequences..
there are both minor and major sequences within elliot I usually combine the waves with fib sequences,when and if a stock complies as smuggler points out. most of them do not..they can be very tradable with other technical confirmations..I have posted a few elliot wave charts on HDR recently, for academic interest mainly as oilers are certainly to volatile and fundamentally driven.

re whether you use them as Market move indicators,
there are a lot of sites that refer to elliot for trading SPI
try Elliotwave .com for more on this..
though I think Using Relative strength comparatives for stocks vs their prevailing indices is more useful for trading individual stocks
If this makes sense
john