I have a hard time ignoring how we have crashed into resistance here at the rate and strength we have. This should lead to a few scenarios that could play out. This next week will be critical to overall direction. Generally in my experiences when we approach support or resistance at this pace its tough to get rejected back out.
If your bearish (which I am) your ...
Momentum,the fuel needed to propel the stock market higher,
over a sustained long term time period peaked,.. almost a years ago
As shown by the Point and Figure Rate of Change ( ROC) Yearly Chart
(Included here for illustration), momentum in the market peaked
in January 2018, at the 2820 area in the S+P ...
Re-posting for anyone who missed it earlier in the chat room...
Here is a Logarithmic Fibonacci analysis assuming PRIMARY WAVE 1 was from March 2009 lows to April 2010 highs. (Alternate count is that P.1 extended to 2011 highs, but long-term fibs don't really match the structure since then.)
First please review the "Fib Pinball" structure as outlined here: ...
Trying to make heads and tails of the price action in the markets. The Elliott Wave count I’m getting is a series of running b waves with lower highs unfolding with an oncoming major wave down right in front of us.
Monday is Martin Luther King day with the US markets closed. I’m expecting a rally above the Minuette a wave highs of mid-December and a challenge ...
EW Analysis :
SPX500 is in pullback mode from lows of 2340 and is showing a clear abc pattern on upside.
EMA 50 :
SPX500 is now closer to 50 EMA level of 2685 which is also 50 % fib level from recent lows.
Long above 2820 on Daily close !
Short below 2630 on Daily close !
Keep in mind that the uptrend was broken and bulls are still not in mood to give up and ...
Once we hit that trend line its time to sell and short the Market. I think next week selling will resume once we break down from current Bearish Rising Wedge. 2500 level might induce short rally but I have a feeling wont hold and we are going lower!!!!!
1) yellow line is trendline from lows in feb/mar 2018 (neckline of 2018 head and shoulders pattern) Notice that we closed right ON TOP of it Friday.
2) Large downward channel (hypothetical) drawn using daily closes from the lows and median line using Nov high reversal
Notice the convergence of lines at 2695 on Tuesday from:
1) The upper line of the current ...
Seems like just about everyone is awaiting or predicting a re-test of the December 2018 low. Bulls and Bears alike look to history and high frequency of re-testing prior support or resistance. Bulls are looking for a second chance to buy lower in anticipation of further advance. Bears are convinced further declines are ahead despite the current rally's ...
Technical Analysis and Outlook
With the Index Dip 10280 completion, we have significant rebound going on commencing of the Key Sup 10862, while two critical outcomes are at stake: Key Res 11465 and Index Rally of the same price. (For more Market Commentary, please visit the TradingSig_dot_com).
EW Analysis :
BN is in pullback mode from lows of 24400 and is showing a clear abc pattern on upside.
Trend Breakdown :
BN breached the up-trend in Sept 2018 which started from Mar 2016 and is now retesting the up-trend support which now becomes resistance for BN.
Supertrend Resistance :
Any weekly close above 27800 on BN would change the bearish signs to an ...