Elliot Wave 5 Impulse Wave with ABC corrective setup transitioning to a new cycle with 1.6424 target.
Stop: -0.01603 or 1.10324
Target: +0.04461 or 1.16424
$IWM 2 short trades/targets with favorable risk reward
$XLU hit its 1.618 extension.
I see no reason to be long at this levels.
Pullback expected towards the $46-47 area.
Let see how this plays out
261.52 --> 283ish then pullback
261.52 --> retest of 247ish before targeting 283ish
261.52 --> retest of 247ish before targeting 210 area
Nice little correlation between KRE/VNQ and TNX
look for 1.618 near-term bounce
Why would investors search for yield in the Utilities market $XLU ?
Because, they are not able to find it in the broad market.
This chart is very troubling for US Equities.
If this was any chart besides a major US Index there would be no reason to be long.. why should the Q's be different?
Although there seems to be a Bull Flag forming in the $TNX - I suspect rates will go lower forced but buy-side pressure in the bond market. Lets ignore the Fed's .25% rate hike and focus on making money with supply and demand principles.
$SPX will correct to pre-recession highs.
$WYNN was absolutely devastated last year. We could see an upside breakout soon.
$AMGN is poised to breakout of its ascending triangle
Will monitor breakout to upside
$LNKD nice looking daily chart that I expect to push higher
Long Idea going into 2016... nice bull flag and holding support
$CHK Inverted HnS setup targeting the gap from November with measured move.
Take Profit : $5.50
Stop Loss: $3.83
$IBB ascending triangle looking to breakout