vanfleetdaniel

vanfleetdaniel Updated 

Hard time getting past the resistance line. Two possibilities: - If price moves down after this ABC wave then the corrective move is not over yet (Meaning we haven't seen the bottom). - If this ABC turns into an impulsive 5-wave then price can try for new ATH later. Needs to break resistance line soon for that to happen. Be careful.

vanfleetdaniel

The US futures join the morning rally from Europe with the Dow Jones bouncing back from a larger correction (WXY). We are looking at an ABC wave up that could turn into a 5 wave if momentum stays strong. I favour this because the larger degree trend is still bullish.

vanfleetdaniel

Dear traders, Gold has been doing great these past couple of years and although we have been slowing down a bit since august there are probably still great times ahead. Here's my view on the current corrective move: So far we have had some selling since the high of around 2075 dollars that brought us down some 15%. Using the EW theory I say we are in a wave 4...

vanfleetdaniel Updated 

Dear traders, Quite a while back in one of my ideas I've stated that silver could go back all the way to 18 dollars per ounce. Although it looks like price is bottoming out I beg to differ that we actually have seen a real higher low since this year's rally. As you can see I make use of the EW theory and so far I was able to find 2 impulse waves (1 and 3) that...

vanfleetdaniel

Short update on DAX: Still in a sideways channel with slightly higher lows and a flat top. Index broke out during Europe's opening on monday but failed to find more bulls. Wait for confirmation of a breakout on either side...

vanfleetdaniel

Dear traders, The Dow Jones 30 wasn't able to overcome larger resistance on thursday, pointing towards more downside in the next couple of trading days. In my previous chart I showed that the mild correction could only be half way and so far the wave count supports that. If we bounce at 28700 we can start to focus on the next wave upwards.

vanfleetdaniel

Looks like a sideways correction and I'm waiting for the breakout, preferably upwards. Either way, don't trade in limbo.

vanfleetdaniel Updated 

Usually a pennant flag is a continuation pattern meaning here we should see more buyers. Alas, this one looks a bit weak to me. If it fails I expect another zigzag pattern (Wave W=Y) just like we had from the previous high. If it breaks out upwards then we can use wave X as the projection for the next rally. Better to wait this one out and see where the pennant...

vanfleetdaniel Updated 

Dear traders, A quick update on my view for silver. The previous chart updates I showed you that there was a lot of downside potential and although it took quite a long time, that 21 dollar price finally came in range. After that I expected price to bounce back towards 24 dollar and then continue it's decline but now it seems that I was wrong there. Silver went...

vanfleetdaniel

Dear traders, For me, the S&P500 has reached a target that I see as important resistance. While the index was in 'repair mode' after the september correction, an ABC pattern evolved. This one seems to be near completion. That gives me the idea to see a smaller pullback towards 3400 points to see if this ABC can turn into a 5 wave impulse. If that's the case we...

vanfleetdaniel Updated 

Dear traders, It has been over a week since the last S&P500 chart in which I showed we were close to ending the corrective move. Last friday prices sharply turned when they completed the elliott wave count and reached the bear flag target. It is now safe to say the bulls are back in town as current prices have beaten the wave A bottom. This means that the large...

vanfleetdaniel Updated 

Dear traders, I remain bearish for the moment for silver thanks to the poor effort the bulls have made. In addition I have changed the ABC correction to a 5 wave correction. One I was starting to lose hope in earlier this month. So far the bears remain in control and might give room up to around 24,50 dollar per ounce. Passing the bottom of wave 1 means the...

vanfleetdaniel

Dear traders, According to my wave count we should be nearing the end of the correction that has been going on this entire month. 26300 is my final target before I expect the bulls to really wake up again. This area has been a battleground before. During this year's summer we've seen it as both resistance and support, and also last year this area was of importance...

vanfleetdaniel

In the previous EURUSD update I gave the headsup for a possible correction. It took a while but finally the currency pair broke down out of the upward support line. It marks the end of a succesful 5 wave bull run and buyers will now wait for a safe position to re enter the market. Unfortunately for them, this might not happen until the 1.145 to 1.135 area. There...

vanfleetdaniel Updated 

Traders, the previous chart I showed was the breakout of the bear flag in the SP500 index. It gave us a target at the first major support area of 3230 points. Spot on, to say the least. After that I warned for new resistance around 3320 and that's where we ended up on today's trading session. So far it seems that the wave 4 correction has been completed and we're...

vanfleetdaniel Updated 

EURUSD has had an incredible bull run these past couple of months. There are no signs of slowing down yet meaning you'd still buy the dips. However, to me it seems that there might come some exhaustion into play. If a full leg up is complete (5 waves for A) than we can atleast try and look for some support around the 1.14 area. As long as the current support lines...

vanfleetdaniel Updated 

Although the British FTSE100 looks terrible, the bulls are doing a good job to pump up the prices for another -+10%. Fibonacci retracement gives us a minimum C wave of 6520 points and a maximum C wave of almost 7000 points. Because the index is still trapped in a smaller bear channel this tells us we need to stay slightly cautious though. Naturally, breaking the...

vanfleetdaniel Updated 

Thanks to the bears during the Friday trading session the index ended below support and broke down out of a bear flag. The same move happened with the NASDAQ. The first major support area for the S&P500 now lies around 3230 points. In this wave count the index can not break that support or else wave 4 would enter the wave 1 zone. If the wave count is incorrect,...