APC has rallied along with oil this year and has completed a bullish leading diagonal. It will be interesting to see how the correlation holds up with oil over the couple of weeks as I have order to go long oil if it trades higher. APC should have at least a two legged correction and retrace at least a third of the diagonal. Support seems to be at the 50%...
JC Penney is swamped with debt and the golden age of the brick and mortar store is behind us. The stock has been in a downtrend since the market top in 2007. The downtrend has taken the form of a five wave impulsive move, with the fifth wave starting earlier this year. Wave five should subdivide into five smaller waves and it appears that minor wave 3 began...
EURUSD appears to have completed a double top wave 4 of a five wave impulse down from 2011. During BREXIT announcement in June, it broke below its 2016 short term weekly bull trend line, pulled back for a retest the following week, and started heading back down last week. Short with a sell stop below last week's low. Stop loss above bar from two weeks ago. ...
Looks like a simple five wave Elliott impulse is unfolding and the fifth wave is about to begin. Good alternation on waves 2 & 4. Good R/R. Enter with a buy stop above Friday's high and a stop loss below last week's low. Let's close the gap and make some money!
