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Thursday, February 28, 2013

Elliott Wave Update ~ 28 February 2013

Possible wave (ii) expanded flat:

E-minis


Tuesday, February 26, 2013

Monday, February 25, 2013

Two 90% down volume ratio days on the NYSE withing the last 3 trading days. That is bearish price action.

Short term count:
Across-the-board selling.  Every index on this chart confirmed a new short-term closing low. That is solidly bearish price action.

Sunday, February 24, 2013

Friday, February 22, 2013

Thursday, February 21, 2013

Elliott Wave Update ~ 21 February 2013

There is a pretty good impulse down indicating a trend change:
CPCE:

E-minis


Wednesday, February 20, 2013

Tuesday, February 19, 2013

Elliott Wave Update ~ 19 February 2013

Still in the narrow up channel. Adjusting the squiggle count accordingly.

E-minis


Monday, February 18, 2013

Thursday, February 14, 2013

Elliott Wave Update ~ 14 February 2013

The short term squiggle count again hasn't changed.

E-minis


Wednesday, February 13, 2013

Elliott Wave Update ~ 13 February 2013

1515 and 1495 are near term key support levels for our squiggle wave count.

E-minis


Tuesday, February 12, 2013

Elliott Wave Update ~ 12 February 2013

Same squiggle count as the past few days.

E-minis


Monday, February 11, 2013

Elliott Wave Update ~ 11 February 2013

Near term count hasn't changed

Sunday, February 10, 2013

Friday, February 8, 2013

Elliott Wave Update ~ 8 February 2013

The suspicion that wave (v) was about to run up some more proved correct.  We'll see what Monday brings.

E-minis


Thursday, February 7, 2013

Elliott Wave Update ~ 7 February 2013

Its probably best at this stage to track the wave pattern that is most "trackable" and that would be a 5 wave impulse sequence from the 31 December pivot low of 1398.11 SPX.

1495 is the key near term support pivot.  So unless and until that level breaks down, we have to give the wave count the benefit of the count to see if there is a bit more for wave (v) to play out.
The SPX weekly shows there has yet to be "overthrow" of the upper wedgeline.  The short term squiggle count shown above supports the notion that it may happen.

The "time" factor between waves [W] to [Y] is practically equal.
Although on the Wilshire we have had "overthrow":
Again the larger count using the DJIA:
 CPCE still bullish:
Our NYAD count is quite mature:
And the larger NYAD weekly count.
If CMG pokes its head toward $348 -$351 (resistance) again in a wave (2) peak, I think it would make a very attractive short entry for those so inclined. Not there yet obviously.
Composite hasn't yet made higher highs above its 2012 peak. Look at that MACD signal and the RSI long term trendline.
Yet we can see Hulbert's NASDAQ sentiment has hit an extreme - 8 year high - as of today's data (via Sentiment Trader)

Here is an example of a chart where its uptrend channel broke down. The OBV was a telling sign as I had been pointing out.





E-minis


Wednesday, February 6, 2013

Elliott Wave Update ~ 6 February 2013

1495 is the key level for the short term count.


E-minis


Monday, February 4, 2013

Elliott Wave Update ~ 4 February 2013

The counts. Time factor is ideal.
Close beneath the upper wedgeline:

A closer view:
Squiggle count:
Bottom line: If this is a huge ending digaonal wedge as proposed, then the bottom should fall out for prices. Thats the guideline.  Sentiment is extreme.