Keeping it simple with a pitchfork idea on this REIT etf IYR . REITs and Utility stocks got sold off as traders rotated out of dividend stocks and into growth stocks. I believe a limit buy under $91 is a conservative entry with a sell limit near the middle of pitchfork . However, I'm leaning towards a credit put spread at $91/$90.5 3-4 weeks out. Keep the TNX on...
AMZN is still in a bearish trend with the longer day MA higher than the shorter MA seen here using Tradingview's default MA Exp Ribbon template. Using a pitchfork for the downtrend here is holding true and the retracement levels from Dec 18 (low) to Jul 19 (high) is showing confluence with historical support levels. I would like to see Amazon sell off to 1600 or...
Detail @ The Chart. Short Gold @ around 1508, SL @ 25 Oct '19 Hi, TP @ around 1480
P/S: Unlike conventional, To have consistent Elliott wave counts,there is ONLY 3 subwave ( abc ) counts on ANY Impulsive wave (1,3,5) VS conventional counts which is 5 subwave (1,2,3,4,5)
Using anchor points A,B, and C, this Schiff fork has guided price action well since the June high.
A solid daily close above the upper parallel would put us back into a bullish scenario... but not until that happens!! If we drop back lower, I'm looking for lower parallels to act as support.
Seasonality may be showing a temporary top as we close the month of October. We broke the key trendline/pitchfork today beneath all of the FOMC related volume. I expected continued selling into next week.