Is Oil sending a message to equities today or is it the other way round and oil is about to bottom and head in the same direction as stocks? I'm going with the latter because I reckon that is a clear 5 wave pattern down for oil that is about to complete....
It's funny how the market is only obvious in hindsight and perhaps these 3 counts (4 if you include the blue option to correct further) prove that point. To my thinking they all have things going for them but getting it wrong could be pretty disastrous as the red count is bearish indeed.....The only thing I know for sure is that it will all be obvious after the...
So many charts with the same look and the same question. Is the low in and it's 5th wave time from here or is there a lower low ahead? Wish I knew.
Here's a short term chart of AAPL which to me displays some nice 5 wave patterns and fib measurements suggesting a possible change of direction around the 313 level. The obvious question though is whether this is part of an ABC zig zag correction or the early stages of a possible wave 5 impulse move.
I posted an idea on this stock back in 2017 which, while being more or less correct in it's analysis, came up very short as to the target. The question I have with this count is although I believe there may be a 5th wave coming or even started already, has the 4th wave correction really finished at the short 23.6 fib retracement or are we still due a deeper leg...
I posted an idea on this stock back in August 2019 and it is still more or less following the script. Still amazes me how many times a stock or etf will turn exactly on that 0.618 fib......
Things have been so crazy lately that I even think this chart might have a grain o f something in it. I am suggesting that we have just seen wave 4 of wave 3 play out of which waves 1 and 3 were equal. According to Elliott Wave that can suggest that we may see an extended wave 5. As this chart is the GBP version of this index it could also suggest a number of...
I don't know......seems a bit obvious to me but these stocks just keep going up. Nice fib measurements too....
On the longer term chart it's hard to show the count for what I am suggesting is a C wave to complete an expanded flat correction and it certainly doesn't show 5 waves off the low but a much shorter term I can see such a count. Has wave 4 completed? I'm not so sure that there isn't another leg down to complete the move but price action over the next week or so...
The rally in world equity markets is starting to look just a bit more than a rally to my way of thinking. Here the Swiss equity market index has almost touched the 61.8 fib retracement of the recent decline. Does it have another leg lower t touch the out limit of the pitchfork or just a correction before continuing higher to complete a 5th wave? Or do we need to...
So many conflicting charts throwing up different scenarios going forward but this chart of the Dow Jones Transports is bullish to me with a 5th wave either started already or due soon. I can't count 5 waves down to complete the correction but maybe these days, with all the algos and all that, they have discounted that already are already betting on the uptrend to...
I had been the bearish camp on the Pound expecting a devastating 5th wave (to perhaps complete a bottom). However, on reviewing the charts I am starting to see action that might be construed as more bullish with some 5 wave patterns appearing and some fib measurements to provide some back up. As always, I have no idea which way it will go but reckon it is at some...
Leading on from my weekly chart of this index here's my closer look at the price action. I can count 5 waves down there so that can either mean (to me at least) that we have just seen a a 5 wave C wave to complete a correction with the bullish blue count following or we have just seen an impulsive 5 wave move to the downside to begin a much bigger and longer term...
The bounce off the 38.2 retracement is certainly gathering some steam and a closer look at that price action could also be viewed as bullish. I'm not sure if this pattern could really be an expanding triangle but I can possibly see 3-3-3-3-with a 5 wave C wave to finish off (red count). Could it also be viewed as an expanding flat (blue count)? Disclaimer: As...
As is kind of usual, I can't make up my mind between the bullish and bearish counts for this commodity. I had been in the firmly bearish count but that was a pretty decent move off the low and appears to have been in 5 waves. Impulsive? Umm.....not sure yet. But it was enough for me to give equal weighting to the bullish count as well.
A closer look at my count for EURGBP suggesting another bout of weakness for the Pound.
Is this a possible count the Euro against the volatile British pound? You would think that that 2008/9 high might provide some sturdy resistance although in these crazy times I guess anything is possible. The blue count is as an impulsive move up off the lows while the alternative, red count sees this as part as a corrective move that began in 2009.
I'm interested in what is going on at the moment in this metal due mainly to it's decent correlation to the Nasdaq. Is there another leg up coming some time soon? The background chart is the Nasdaq 100.