I am favoring the bearish one?. How about you?
Here is how a see the chart from a EWT viewpoint (which anyone who has tried using EWT knows this is usually only apparent in retrospect). First there is a a-b-c correction to "a" then a five wave contracting triangle as the "b" wave. Then a more complex a-b-c movement down to "c" with c=1.62 X "a" forming a nice channel. On the larger time frame I think this...
Short term chart. Just showing how it looks to me today. see previous charts (link below) for reference to the bigger picture.
It appears most folks here at this site are short term traders but I know many appreaciate technical analysis so hopefully you will find this interesting. For the bulls: 1. Very long term trend UP. 2 Intermediate term trend UP. 3. Short term trend UP . 4. RSI monthly trend going up. Hope for the last few bears left in this world: 1. Price is at the mid...
To me it seems likely that QQQ is forming a long term so called "double top". Wave C is 2.62 X A. I will short when there is a bearish daily candlestick formation with shorter term current up trend line break. You may want to watch closely. Have a great weekend.
Here is my current view of the small caps. The weekly chart (not shown) has developed a negative reversal in the RSI. There is now a bearish divergence in the daily RSI (solid black line). A projected target (short up arrows) from the recent positive reversal in the daily RSI is at the level of a 78.6% correction (around 121-122). This also is at the upper...
Here is just a f/u from yesterdays post with the 2 hour and 15 minute charts as to how I see the formation. If correct will likely see a reversal today or tomorrow. If price goes > b then my idea is clearly wrong.
If you look at my previous posts on oil you will see although I exited early (the chicken effect I guess) the initial target was eventually hit. I would not be surprised to see a 50% correction (to around 39) or even a 70.7 % correction back to the long term down trend line which is now broken (around 33-34). I still favor that after this correction we may well...
I don't trade the currencies the way most of you do. So I am sure you have a much better way to trade this. But just looking at the British pound ETF I expect at least a bounce at the 128-130 level. But it could also be a long term bottom esp wtih that volume spike. Hope this is helpful. Take care. Have a great weekend.
I have been thinking the price action in the major US indices looked like kind of triangle consolidation developing for the last week or so. Here is the way I see the S& P 500. Basically I think we have an a-b-c downside move with the "b" wave an expanding triangle Have a great week trading.
We had a nice run up since my last post (see link below) I am expecting some sideways or down action in the next few days esp after the bearish engulfment candle on the daily candle yesterday.. Possible near term target shown. Then may have a major advance. Possilby a great longer term long opportunity setting up. Got to run.
2 months ago I posted on XLF suggesting the top was likely in (see link below). As I review the recent price action I think it is is mostly likely forming a triangle before a final major drop. My intermediate term target is on the daily chart. I don't know if it will stop at the long term uptrend line or go on to close the gap. Take care. Good trading to you....
17 days ago I suggested the DXY was about to fall (see link below). I thought at that time the point".b" would stop at a 50% retracement but it continued to about a .62 correction before falling. Notice that the RSI formed a negative reversal followed by a bearish divergence: a combo that often leads to a decline. 3 different projection methods...
IFFF I am seeing this right a break down here could lead to an extend major drop. Consider shorting if there is a close below 77.78 with a stop on a close >79.75 (Friday's high).
Since my last post on SLV the target box has been hit. (see link below). There has been a 50% retracement in price back to the shorter terrm dotted down trend line. In a shorter time frame the form looks like a a-b-c formation. The RSI is now the most oversold sinc last November when silver was near its bottom and a positive reversal has developed in the RSI....
I think it is likely. Since my last posting (link below) oil has risen from 43.69 to 49.68. It is close to my current target and has developed a bearish divergence in the RSI. Volume has gone up most of this time period but is now startiing to fall. Personally I will be taken profits soon esp if the target is hit or the shorter term dashed uptrend line is...
The first part of this week I think will have a overall positive atmosphere for stocks so we could have a some bounche up but longer term I think there is a good chance we are entering into a bear phase for real estate.