US 30 traded below Tuesday high of 25888, closing 98 points lower than 8/21 high, failing to confirm Sand P new alltime high on 8/24. The zig-zag pattern is evident on chart. I marked this one as a more complex ABC structure as a 5 wave reaction (ABCDE) is evident in A wave. Combined with bearish Gartley pattern confirmed 8/21, this latest rally attempt looks...
Folks, We got blindsided by a surprise bull run Friday 8/24 which seemed so unlikely I was horrified and amazed all at once. In retrospect, some sort of rally was to be expected off the Thursday low prices, and I hedged my bets in case, but this was quite bullish indeed. In spite of making a new high closing price on Sand P, US 30 did not confirm the high...
Compare to 6/14 Harami cross. Identical price behavior 8/21-23 c/w 6/12-14 and 8/7-9. Slapped down hard from high channel retest after 8/21 high. All the Doji have been seen- pin bar, shooting stars, Harami crosses, engulfing bears, Red Shooting star today. Perfect setup for lower and soon- imminent. Today I observed a bear flag all afternoon following the...
Going down soon- look out! This for education only is not advice!
Looks like a double top formation with H&S filling in live now. Expect lower end of day and into next week. Good luck! This is not investment advice and Im not advising anything, all posts for education only.
Expect gap down and significantly lower based on very bearish futures in PM. C wave beginning- soon. It might be very strong b/c it's a combo of primary ABC from Feb cycle and an intermediate ABC coming off the June swoon, both waves terminating at this juncture. Possible low target zone 23531 at Nov/Dec 2017 support. Good luck! As always, this is not investment...
Compare/contrast to 11/12 June top and throwover. Bearish engulfing candle. Shooting stars. On intraday we saw hanging man twice, and shooting star in SPX 8/.21. Expect imminent throwover to entry on wave C of ABC ZigZag correction pattern within days, after reaching all-time high on SPX 8/21, US 30 25888 at Fibo 0.786 from Jan 26 high. Target 23531. Possibly...
For months I have struggled to make Elliott wave theory fit this Bear Flag rising channel but although 5 wave impulses appear within the channel, it is not itself a motive impulse, but rather, it is a complex, 7 or 9 multi-wave zig-zag flat corrective pattern "A-B-C". It also contains WXY components which we recently observed press index under 25000, as well as...
Traders, my bearish colleagues have persuaded me to take a second look at this channel flag. What I found is beary scary. For months now US 30 have been in correction charting a rising channel. My alternate Elliott wave analysis suggests this is an ABC large-scale correction and the Bear Flag is a long, strong B wave, nearing completion in August. For the...
Extreme bullishness prevails. Vix- dropping off to almost nothing. What looks like a tiny Elliott wave 2 formed Friday AM but quickly dissolved into bullish enthusiasm. If this is the breakout move gathering strength, then the chart shows a possible course. I believe we may have entered minor wave 3 of the V(v) 5th wave already ('third-in-fifth wave'). I lost...
Dow has charted a hammer spike candle formation with massive reaction after. Hope you got to play that round from earlier posts! Now comes critical test time- breakout or fakeout? Failure to break channel upper trendline will lead to a precipitous decline- panic selling. Gann fan shows of the prior breakout attempts from the flag channel, in April/May and...
Pre-called 2802 and saw it touch today. There is strong support on upper channel trendline; doubtful we will see retest of lower channel line, barring catastrophic geopolitics. Expect more turbulence and consolidation at this level just above support in the 2810 - 2840 area for a week or so; eventually should breakout thru strong R at 2640. This is not advice...
Looks like a bearish pattern emerging and we have divergence with Nas off -20 and Sand P flat now. Look to see if we get orphan harami for the day might lead to Wave 2 down on Monday for a buy opportunity. Markets hate an unfilled gap. Look for Dow to retrace significant part of Thursday green candle before resuming upwards march. Not investment advice just...
In a WXY 3-3-3 corrective wave we expect 2 more waves in our chart to complete the formation. Today Dow touched the midline of channel shown in pitchfork, but 0.382 Fibo could be a bottom, but rarely is. In the cup-and-Handle formation we expect a decline to reach ~0.50 Fibo of cup, still a bit shy and looking for prices in the mid- 24800s. We might be in for...
At support .882 and what looks like an inverted H&S forming- see if it fills! This post for education only is not advice- good luck!
Sand P has been more resilient than Dow and declines less, advances more. Still a short opportunity appearing now in final down leg of corrective wave. I wouldn't hold puts or shorts below 2800- look for a strong bullish reversal into a combo (5)(V)(v) wave to new All-Time High after this correction- starting real soon. See my Dow post too, same idea, but...
This is a 3-3-3 corrective wave pattern forming. Looks like we had 3 strong down waves in 'W'; 3 smaller up waves today for an 'X'; The 'Y' should start very soon, will likely open with a gap down and should carry index to near same decline as 'W' or ~520 points to 24818. I do not see an ABC pattern here, as there are no 5 wave impulses in the W or X waves. As...
15m intraday H&S late-day. Sagging hard. Good luck Im not an investor advisor and this post is not advice its for entertainment and education only.