As it says on the chart
1. 0.618 retracement level at 2625
2. AB=CD at around 2615
3. Possible wave 4 (could not exceed 2630)
4. Approaching overbought RSI levels
Seems to me the risk for a short at these levels (between today's close and 2630) is outweighed by the chance for gain.
AAPL revised their revenue forecast and will drag the S&P500 down with it. SPX should start leg 5 (subwave of a larger wave 3) down in earnest tomorrow. This morning (1/2/2019) started down but the bulls were able to fight off the bears for one more day and converted the pattern to a continuation of the abc corrective wave. The bulls were unable to push the SPX...
Boy don't I wish I had shorted AAPL on the throw over of the ascending wedge. It has re-entered the wedge, but seems likely to fall through now. Watching for a break of the lower trend line. May then bounce back up to lower trend line which would then serve as resistance. If fails to break this resistance, lower targets come into play!
Posting so I can...
Looks like BTC completed 5 waves down within a channel for a wave C (wave 1 was extended). It has also completed a possible ABC correction of this move down.
I've detected a trendline suggesting BTC may see a temporary 5 wave bounce from here. I anticipate a pull back (possibly to 6075) followed by a move up.
If this happens and we see BTC break the recent...
FB bounced off a signficant trendline today after completing a 5 subwaves up pattern. I believe this recent move created wave 3, and FB now started wave 4 down. It looks like it should target the trendline around 182, though a more rapid move could certainly see it touch lower than that.
I may look to enter a short position if FB crosses the trendline as drawn...
Well, I was about ready to enter a position on GE if it could successfully bounce off the neckline.
Glad I did not enter a trade, as it would have been a fail!
Important to be patient at times with these trades, particularly when you are going against a strong trend.
Just an idea looking at the waves (and lots of them). I'm not tied to this particular idea, just throwing it out there as one possibility. The alternative as I see it would involve BTC falling through the trendline shortly.
Well, as I was reading about gaps in "Technical Analysis of Financial Markets" by John J Murphy last night, I was particularly interested in the section describing the island reversal pattern as that happened to be the section I was reading (and I have wanted to learn more about gaps implications for a while). As I also observed the futures market last night and...
A) Elliott Waves: 5 wave pattern for wave X (part of a more complex corrective pattern WXYXZ?) with wave 5 right around a 1:1 extension of wave 3.
B) RSI: Ascending wedge broken after entering overbought territory
C) MACD crossover
D) Volume divergence (volume tapering as price is increasing)
As I break down the chart on SPX, a few things that stand out to me.
I can count a clean 5 wave pattern up after the bounce off the lower trendline just below 2600.
a) Within this move, wave 3 was a perfect 1.618 extension off wave 1-2.
b) The proposed wave 5 just completed 5 subwaves today, May 10, and was a 1:1 extension of waves 3-4.
This suggests to me that...
ETH looks to me to have completed 5 waves up.
ETH looks now to possibly be working on the C wave of the ABC correction.
If so, it would appear we have a few options.
1. Bounce off 38.2% retracement in the mid $660's (this would be a 1.618 C extension of wave A as well). It would be very bullish if ETH bounces here and then clears recent high of $838. We'd be...
Could AAPL be headed much, much lower? Over the past 9 years it has certainly formed an interesting ascending wedge pattern.
Ascending wedges are typically considered a bearish/reversal pattern, so one might expect AAPL over the next 2 years or so to break significantly to the downside. The wedge we see on this weekly time frame could be consistent with an...
Well, sure looks to me that Microsoft (MSFT) has made a double top (and if you count the first peak a triple top).
The confirmation will be if MSFT falls below $87.
A few characteristics of a double top reversal (as published on stockcharts.com's description):
1. Prior Trend: Check.
2. First peak marks highest point of current trend: Check.
Some of you may have seen my previous chart of the Nasdaq (IXIC) posted here at trading view (chart linked below). This is really just an update to that chart with a detailed analysis of the intervening trading activities. The NASDAQ has risen right into the predicted price range (Fibonacci 50 to 61.8% retracement zones).
The recent patterns seem to confirm...
I've been analyzing ETH ( Ethereum -0.81% ) for a while now, and it might (?) be coming together for me. The above is my current operating thesis. Let me know what you think in the comments below! Like if you agree, disagree but appreciate the idea, or if you have no clue what I'm talking about and/or could care less about ETH but just want to give this idea...
Well, I must first admit, I am publishing this chart in retrospect as I've just now taken the time to really analyze MU in this way. Unfortunately, I missed some massive profit opportunities, but this is certainly a learning experience for the next time around and....there may be one more trick (trade) left up this chart's sleeve.
So as you can see from the...