QuantitativeExhaustion

Scanning Lines and Patterns

AMEX:SPY   SPDR S&P 500 ETF
591 12 22
You can best root out correlations with the CC             tool on your list of indicators. Here is a look at an inverse relationship with the Peso and SPY             . Peso has a broadening top pattern and the SPY             is back in its bullish channel.


If the Peso does not improve we could see the SPY             move much higher.



Broadening Top Pattern
http://thepatternsite.com/bt.html
snapshot


Looking at indicators
Reply
snapshot


Money Flowing Out
Reply
Dmtz4444
3 years ago
Broadening top , on Peso looks like we can see Bull break out happen ,
Reply
QuantitativeExhaustion PRO Dmtz4444
3 years ago
That's if any bounce is left in the pattern. If you take a look at Bulkowski's statistics, broadening tops do favor downside moves after the bottom trend lines is reached for a third touch.
Reply
I know that this is the type of reaction we like to see as the start of a 3rd wave, but I must still caution everyone that this still can be a c-wave. As I have said, I was not selling my longs for this potential rally, and, if I had to, I was going to sell on a (b) wave rally. Well, right now, I am still going to hold onto my intermediate term short positions going out to the Fall, which are hedged as of yesterday, and am not entirely convinced this is a green (5) yet.

Today, I noted this in one of our Wave Alerts, and it is something that REALLY needs to be watched carefully:

I want to point out the McClellan Oscillator here for a minute and note that it is still giving us a very bearish indication. When the market moves from a bullish phase to a bearish phase, this oscillator goes negative and then maintains in the negative region - below the neutral zone - and does not head into positive territory. So, while it may bounce back towards the 0-point, if this does not begin to show signs of life, this will still keep me concerned about the yellow count. So, please maintain vigilance as we move higher.

So, no matter how we view this rally, we will still need a 5 wave move in the grey waves to even consider which count we are watching. After 5 grey waves, if the market will hold relevant support in a pullback for a green wave iv, then we will be going higher in a green wave v for all of green (5). Ideally, the wave (5) of the grey count should take us to at least the 1663ES region and the 1.382 extension. So, we will first have to see how high the 5 grey waves take us before we can even make an appropriate determination as to which is the applicable count, for if 5 waves completes into the 1.00 extension at 1644ES, then that would NOT bode well for the bullish count.

Again, even though a day like today gets bullish juices flowing, please maintain an appropriate perspective and let the market maintain supports to signal that the 1700 region will be targeted.

https://www.elliottwavetrader.net/images/charts/full-N44qKk6XgeWbBLc8GNVB.jpg

https://www.elliottwavetrader.net/images/charts/full-R2tMKcYjSX6equeOvH4c.jpg
Reply
snapshot


This could very well be the pattern long term. Wolfe Wave Harmonic. I'm 1/2 on these, better luck this time.
Reply
QuantitativeExhaustion PRO QuantitativeExhaustion
3 years ago
snapshot
Reply
snapshot


Two alternative EW counts
Reply
snapshot


Possible Symmetrical Triangle Pattern for second half of 2013
Reply
QuantitativeExhaustion PRO QuantitativeExhaustion
3 years ago
snapshot


Still can't rule out a deep descending triangle
Reply
QuantitativeExhaustion PRO QuantitativeExhaustion
3 years ago
descending broadening wedge ... my mistake
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out