We were expecting a decline which we did get but today's retracement from the morning low was somewhat deep making me suspicious my expected multi-weeks decline has started. Still possible but we would have to resume declining right out of the gate tomorrow morning. I think we need a choppy move that will lead to a another small upleg before some kind of top is at...
The advance we have since early February is getting tired with the bulls showing signs of fatigue everywhere. Using the etf IWM that mimics the Russell 2k, we see many signs of exhaustion: Oscillators are diverging, volume is lessening, the wavers can count 5 up but the most powerful sign is a rising wedge ( a diagonal triangle under the Elliot Wave Principle ) a...
Quick note here on the Russell (private request I decided to share) Market closed right at 121.53 in the context of the following predictive/forecasting model results: BULLISH TARGETS: 1 - TG-Hi = 121.78 - 13 FEB 2015 and 2 - TG-Hix = 128.18 - 13 FEB 2015 PATTERN ANALYSIS: - ELLIOTT WAVE ("EW"); Wolfe Wave ("WW"): Model suggests a topped-off condition....
SANTA IS BACK!!! All indices are in BUY mode. We are aggressively looking for buy opportunities on the $NQ, $TF ($RJ), $ES. We would like a pullback to the shaded zone but looking at past rally's that may happen. Any buy triggers on shorter time frames will be bought. For the emini S&P we will be targeting the 2100 area for the first area to peel some profits.
Before FOMC, I believed IWM was poised to break thru fib ext 1.618 at 118.15. Now in two days, I now have a short term excess supply signal as IWM tested down. Circumstances changed. I have changed with them. I expect the fib 1.5x as a target 112.07. Back and fill.
For something on a longer time frame, here's one that I see playing out. The small caps have been diverging from the main indexes for some time now failing to make any new highs. In fact, it just broke through a multi-year trend line from 2010. It is looking very weak on the weekly chart with an obvious RSI divergence, I think it is letting out some air and I...