Possible H+S top formation in SPX on hourly chart. Breaks targets 2745,
We may have a set up for a MAJOR top in GOOGL. Possible completed v) of 5 waves up (EW count) Potential Island Top formation. Can sell against recent highs with lots of downside possible from here for v good rtn/risk tradeoff.
Approx 32% of XLY is tow stocks AMZN (24%+) and HomeDepot (7%+). Given AMZN has been a skyrocket (about to run out of rocket fuel) and US housing looking like it might be about to hit the rails (bad for HD) and what looks like to be a completed Ewave count I am shorting XLY 111.50 with stop 113.50 and a target of at least 10% lower (5/1 return/risk) in coming weeks.
Potential nice short set-up in EXPEDIA. From an Elliott Wave perspective it looks to have formed a nice 5 wave decline from the TOP in wave 1 (or A) followed by an a-b-c in wave 2 (or B) to a Fib 50% retracement level. Would watch now for a potentail sharp decline in wave 3 below s/term uptrend.
IF this chart pattern plays out it represents a v good short trade opportunity. Testing 2009 uptrendline and forming a nice looking H+S Top. Elliott Waves look like an impulse 1-2 and i-i so could be about to go down in a iii of 3 scenario. Would look to short here with stop above recent wave 2 high or above top right hand shoulder. Target is a lot lower (possible...
I have been taking a look at the chart for US10y-German10y yield spreads and what that might mean for various markets. Currently at the widest spread since the start of 2000 so at important resistance. Also looks like it it running out of steam with MACD divergence and about to roll over. Could see a fall in spread from 2.55-2.60% of at least 20-30bps if chart...
Given the sell off in recent weeks it looks like we are well into a bigger picture wave D of triangle B). Current thoughts on a roadmap.... D looks too shallow at the moment so expect a low in the 1180-1220 area in coming weeks as USD strengthens a bit more and EURUSD to maybe 1.13 ish. Then a rebound from around 1200 back to around 1300 over Q3 (a few months...
Difficult to say exactly what is playing out here in BUNDS but the grind higher of recent days/weeks is not typical of wave iii/3 dynamic action. What is clear from the chart is that Fri 20th was an outside bearish engulfing day at the recent highs. Not only that but it reversed 100 ticks from the days highs and engulfed around 5 days worth of price action which...
Looks to have finished wave iii of c of D (of triangle B) and now rebounding in wave iv towards 1268-1274 area before another leg lower towards 1200-1225 to finish c and D. Sell 1270 stop 1285 target 1220 coming weeks
Triangle of minor fourth wave still in play (just completed c possibly). Higher in d then pullback in e to finish wave iv before thrust higher to 3.80% in coming weeks/months to finish wave 3/C before wider consolidation at higher yield levels
Looks like DOW may have formed a secondary interim top around 25400 (truncated C wave of wave 2 or B). Short from January. Considering adding to short here at 25300 with a stop at 25500 with initial target circa 23300. Return/Risk ratio circa 10:1
The rising wedge pattern in Intel INTC looks to be breaking - if this is the case it could be a leading indicator for the rest of the market (potential 20%+ downside from here)
Given the bullishness in the tech sector people might think I am mad to suggest a 30% drop is coming......but that's exactly what the chart suggests to me. Massive H+S top pattern developing, huge negative divergence. On SMH I am selling current 107 level with stop 112 and ultimate take profit target about 30 points lower (75-80 zone). rtn/risk of 6 to...
Since the recent close above 1.40% the spread widening has accelerated as anticipated. MAY (repeat may) get some pause in the 2.00%-2.12% zone but imo the next logical stopping points are not until those levels marked on the chart....
If this chart pattern plays out we are looking at a huge downside acceleration. EW count is on the precipice of a third of a third of a third wave lower. Also classic H+S top with neckline break needed for confirmation (target 83 area). Short 110.50, stop 115.50, target sub 85 level coming weeks/months. 5/1 return/risk.
If the picture perfect H+S Top pattern is correct then we are about to head down in wave 3 to break neckline and head towards 65.30 area. Short, stop above right shoulder, t/p 65.30
Ahead of the trade tariffs kicking in the USD/CNH exchange rate trades 666 6.6666 to be precise OMEN
Head and Shoulders top playing out nicely. Currently in wave iv triangle of larger wave 3 (or C) down to 108-111 area where there is a confluence of 61% retrace of the 2011 upswing plus H+S top target and also 3/c = 1.618* a(1) Already short but you can add to shorts here at 127.25 with a stop 2 points higher and looking for perhaps 17 points on the downside in...