The Airlines index is showing not only a complete pattern from its July 2016 low but it might even ending an impulse wave from all the way back to its 2009 low. Regardless what we are ending the airlines are landing and I am not sure when they will take off again. Better be on the sideline. I say ending but it can be over too. If they still want to move higher...
The signs are there we are getting closer to some kind of top. Most sentiment indicators are diverging and even on strong days like yesterday, the Advance Decline ratio was barely above 2 for the Tecks and even below 2 for the rest. The bulls are getting exhausted. Last week drop that took everybody by surprise was the first sign the ice is getting thinner....
Applying the Wave Principle to the Nasdaq Composite, one can see that the market still have a lot of back-and-fill to do before completing an impulse wave that started at the early 2016 low. I might be off a bit in the subdivisions but nevertheless there's at least two majors sideways-up move before contemplating a roll-over to the downside. There's a lot of...
A while back I published a chart of the Dow Jones suggesting the market had more upside potential and now I am showing you a chart of Goldman Sachs that is telling us we should see one more push before the market retreats with an unknown intensity. On thing for sure the next push up would be a good time to take some money off the table. An ideal target would be...
I am still bullish Airlines as they look they are still flying in the overall strong bullish Jetstream all equities have been for quite a while. But any top as to be taken seriously as 8 years for a bull market is quite long. We should get a pause sometime this year and to me it is possible the airlines will turn around first. For the short term, expect some...
A while back I offered a scenario for Boeing as being in a large sideways correction that would eventually propel the stock to new high. I am sill bullish BA. I am just thinking that maybe it is going higher right now which would align it with my rather bullish view on the Dow and even the banks as shown using BK. Thus, whatever happens short term I am bullish...
Difficult not to label current price action as part of an impulse wave that started at the 2016 low that implies a serie of sideways-up to finish it and start some kind of decline of unknown magnitude. Let's wait to see the health of the market once we end current advance. People are still bearish and cab drivers are not talking about stocks so there's some...
it appears Bank of New York is heading for new high. For the very very big picture not shown here, we can see that from its all-time high printed in 2001, BK has only declined in a very choppy overlapping manner highly suggesting it is a counter trend move telling us eventually BK will move above 62. Now the question is are we going there right now or we are going...
From the election night panic low, the Trump rally generated a nice impulse wave on the Globex Market that was followed by a very muted correction not even reaching a more acceptable 23.6% retracement suggesting we are not done correcting the Trump Wave. and actually the rally from Nov 11th is seen as part of that correction. Yes a rally within a decline. Even if...
Since becoming public at the bottom of the financial crisis, VISA had a pretty good run gaining more than 500%. But it looks tired and ready to head south. Under the Elliot Wave Principle one can make a case we are wedging higher in a Diagonal triangle, an overlapping structure that should end with a thrust above the upper trendline with heavy volume. Once it...
At least for a while. Probably a long while. It appears that last July Verizon just completed a nice impulse wave from its 2008 low. Recent decline would be the beginning of a counter trend downward move that will bring prices down to 44 at minimum if not lower. I can even be more bearish if you want to but let's take it once step at the time. After all we have...
While Cisco wants to push higher before rolling over, Intel appears to have already gone to the other side feeling the bear pressure. We don"t expect Intel to make new high pretty soon if we are wrong it will be in a topping mode. Using the Wave Principle, from the 2015 high to the 2016 low we had a 3 wave affair that was followed by another 3 wave pattern...
Since its recent high, Cisco has been moving sideways in a choppy manner suggesting there's still some upside potential left but as shown on this chart using the Wave Principle, we are ending something. I just don't know what and even less how for down we might go once Cisco rolls over. So short term we might keep going sideways but we should move upwards pretty...
Nearly two years ago I suggested that BA was looking bullish as it was sporting quite a nice pattern. Especially a pattern that looked unfinished. That was correct and now we are quite confident BA should be heading higher. Eventually that is as right now the right look suggest we might be moving sideways in a contracting triangle. We are currently ending the...
Chevron is pretty much following the expected path but now caution is warranted. We are quite confident there's some life left in the Energy sector that should push CVX towards 104 our ideal target with a possibility to reach 110 the 61.8% retracement and the apex of a previous triangle but with the overall stock market getting a bit thin I would definitely take...
FDX has started another rally that has more to go short term and long term. We need to move above 185 to end something. We are not there yet thus rally not over. How exactly we will get there is another story. Short term it appears we need at least another push up but it would look better the way I labeled the climb as shown here on this weekly chart. Doing just...
The main Canadian index shows a very nice picture telling us to expect sideways action before another upleg materialize to end the advance from the January low. A very nice rally that is running out of steam pretty much like the US market. A good target is around the 14K mark. We will keep an eye on it and we think the top is in, we will let you know. This...