Should have published this a couple of days ago, when i already have the 3 waves drawn. Surprisingly enough, if you just follow the technicals you will note that everything may play around that. Today we have Russia being lowered on rating by SP500 and 2 red days on tensions between Russia and Ukraine. I am not sure if mr Market timed the events or not, but companies like Yandex, Facebook, Zynga, Netflix - that have reported quite good numbers just got a cold look from the market.
So what now? as the chart shows, it is either down from here, or a small wave down then up, then continue the down sentiment. MACD seems to indicate that there is some potential for going lower at the moment, so the green arrow was added on that. It was added because seeing how the market did not have any strength to even hold or lift the gainers after their ERs, i would leave some room from a straight down action from here. With all this, it seems to be inline with the top in may model, and the prediction of a correction just like in 2011.
Comments
A-shot
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Note the stop at 3500
A-shot
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2014-05-06 session end: Well, nas did fall upon touching the trend line and could not break it so far even having a higher low. Many post sell signals on SPY and other indices what makes a pretty gloom picture.
A-shot
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2014-05-01: Week later and the price is right below the resistance line. Basically tomorrow or on Monday it will show what direction we may go.
dib309mar
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I was looking for few USD and if USA doeasnt goes up than in EU we will have more trouble..
A-shot
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Many sessions now Europe starts the days up in ~1% and then dives with US diving at start. EU is really following us at the moment
NeshoMarinov
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Lovely, I'm using also ichimoku, but I like the way you combine ichimoku with EW. I will wait for the retracement and I will go short.
dib309mar
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I agreed, ...with your analysis is pretty good....unfortunatelly I preferred to be long...maybe just for 15' minuts...Tks ciao
A-shot
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I would have loved it to break the pattern but even amid good earnings it went down. Sometimes i think technicals are more important than fundamentals.