Butterfly Pattern completion. Short setup with target at the 0.214 retracement from the AD move or at the previous swing high (point X) and stop above. In this example I chose a 2.5:1 risk/reward. Please have in mind that the trend is very strong. Guessing tops and bottoms is always much more risky than to wait for a significant reversal.
Butterfly pattern completion at the 1.272 extension of the AB=CD (this time D is extended !). Long setup with target around the 0.382 retracement from the AD move and stop below the 1.272 extension of XA.
Baidu looks like we can hope for a second leg up. Good opportunity would be at 50% retracement of AB and earlier resistance from July. Stop below the 0.786 retracement and target at AB=CD.
Head and Shoulders If the neckline gets broken, we have a head and shoulders pattern with a stop above the right shoulder and a R/R 1 : 1 target. The other trades are the AB=CD completion. (See different chart...below.) And a reversal after the gartley completion. (See different chart...below.)
If the gartley pattern completes there could be a bebounce back up. First target could be a .382 retracement of the AC leg with a stop below the 1.272 extension of BC. The other trades are the AB=CD completion. (See different chart...below.) And a break of the head and shoulders neckline. (See different chart ...below.)
There seems to be resistance above so an AB=CD retracement is likely. With a target at the gartley pattern completion. And a stop above the last spike high. The other trades are a reversal after the gartley completion. (See different chart...below.) And a break of the head and shoulders neckline. (See different chart ...below.)
If we fill the New Year gap, it would be a good long setup with targeting the AB=CD formation. Best if the SPY closes above the last high around 146.40 before filling the gap. If it does not and instead comes down very fast caution will be necessary. However to me the setup would still be valid.
Big Volume to the downside could indicate a second leg down. The AB=CD would terminate around the .618 retracement from XA. Target could be there or a bit higher at the 0.272 extension of AB. Stop above the big volume day. R/R = 1.5 And the trendline break should not reverse too sharply now.
Facebook seems to have some good momentum. A pullback and another push up look quite possible.
If the S&P rallys a bit more, we will get a shorting opportunity.
Longer Term Opportunities: Actually I am not a big fan of Elliot Wave, but this would be a nice example if it works out. However we have a nice Gartley pattern, which would terminate at the .618 retracement. In anticipation of that one could trade long now with a target at C and a stop below .618 of V-A
Netflix could break out and run up to the 100 area.
Possible Cypher sell on the 60 min. Short from here or from the .786 and stop above the .886. Targets are at possible support areas.
I think we are very much oversold at this point. The AUDUSD completed a measured move and formed a hammer candle. The doji in FXA at the 886 extension is not that strong, but I think we could see a nice retracement rally from here
Measured move without much pullback complete. Could rally back up now to at least 50% of the second leg down.
Apple seems a bit overbought. Possible resistance zone ahead. Watch out for 526 - 550 area. Also look for upcomming divergence in the RSI. A retracement could target 475.
Channel breakout could result in DBC moving higher, but be careful because the breakout occured on low volume. However my bias is to the upside.