Elixium

Elixium

Pitchforks are a great tool and have helped me with finding trade entries. Once we get a full daily bar outside of the major 2011 pitchfork we will likely see the start of the new bear market cycle. Watch the weekly moving averages for confirmation, there is already a very clear RSI breakdown on the weekly chart.

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The moving average + indicator profile of the Dow Jones Transportation average index suggests that further downside momentum is highly probable. If Dow Theory is correct, then the other US indexes will soon follow up with downside momentum.

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Demonstrating the use of Fibonacci extensions, Pitchforks, etc.

Elixium

Simple technical setup for shorting GBPUSD with a good Risk/Reward Ratio. Confluence: The USDOLLAR chart looks ready to bounce which will force GBPUSD to sell.

Elixium

For some reason the side by side chart didn't work, here is the daily chart showing the bearish volume divergence on $SPY. First chart:

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Some additional technical analysis to support my idea here: My initial call was at 2120+, now resting at 2105 after the strong sell off in the last few minutes of trading on Friday.

Elixium

A correction occurring in the next few trading days is likely: Confluence factors: + Put call ratio of 1.31 on Jun 18th, the last 3 times this has happened the market has sold off and has been overbought on the oscillators. + Indicators show overbought + bearish divs. + $UVXY has sold off heavily and is likely to rebound soon. + The NAS100/QQQ did not hit it's...

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Testing the Fib Speed Resistance Fan tool.

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Details included in the chart.

Elixium

Examples of how you can trade this: Buy Signal: When the price is at or below the lower lin reg trend line Sell Signal: When the price is lifting nicely off the moving averages "up in the air". Time frame: 15 minutes.