Hi all, I have been following this for a while. Seems like we are near, any comments. Tia. http://tradingthecharts.com/kp/AB10323.jpg
What a rise! Wave A seemed to have ended in a 3 moves, so the current rally could be a B, which potentially capable of moving above the beginning of A. Or... A-B-C correction has been completed? What's your update, quintrix?
.....I think we are going into new highs, at least for the SPX...Today's low was the end of the ABC down, as correction of the wave three up of the last leg .... more on my blog http://elliottwaver.blogspot.com/ Quintrix
The end of the wave five of [E] could be very short in terms of time, even though sharp. The wave five is in progress for all the indicies. The Dow is not leading this movement, and this fact makes me skeptical on the real strength and length of this impulse. This topping process may end very soon and a strong reversal (read... change in trend) is ready to start, in my opinion ...so we are ready to short...be prepared http://elliottwaver.blogspot.com/ Quintrix
Hi angel, I like your analysis on the ES. I don't follow it that closely, more into the NAZ/NDX. We've had a big run up in a few days. Think it caught many off guard. Holiday euphoria I guess In regard to the NQ, which I do follow. I see a topping formation unfolding, short term. Thus far, pre open, it looks like it should top today in the 1730 - 1735 area. Then I would expect a pullback to the 1690's before the market takes off again. My TA displays an uptrend in the SPX/NAZ, not confirmed by the NDX/DOW as of yet. I'm way bullish, the others will follow. Enjoy your posts! And good luck tony
Hi Tony, I am not married to the bearish case...(the trend is up in all time frames... until proven otherwise) , but I am a short term trader (usually), and I think that we are very close to a ST top (..at least, if not IT top), and the correction could be severe, and very sharp I missed to post the buy signal (even though my analysis was pretty clear)...the market has rallied too fast.. ..but right now, shorts are favoured IMO. Let me see if the upper T-Line of the rising channel will be broken on weekly basis Best to you Angel
we might be at the start of a few days correction, but 100% ST bullish as in bonds, I think we are in a topping pattern, meaning once the pattern is completed, the market is going down for the rest of the year. Fundamentals agree with the elliott wave Greenspan is leaving an economy with no other way than down. Monetary policy for Bernanke is a lose lose proposition Restrictive policy? Keep rising rates? invert the yield curve and push the economy into a recession. Loose policy? Cut rates? Throw the dollar into the toilet and no one will buy US assets and no one will finance our debt. Inflation inevitable under this scenario. Greenspan is an evil genius he's been financing the deficit creating money electronically while at the same time getting that easy money out of the US by hiking rates and pushing the dollar up. Voila: no recession and no inflation. He's quitting just when this can't keep working anymore. I feel pity for Bernanke he has no idea he's a scapegoat everyone will blame him for the mess Greenspan is leaving
Well...it seems to me that the big players are a little bit worried about Bernanke...but this is off topic - gold chart
Well, we are short all the index futures...place your stops, relax, wait and see. These are low risk trades. Our stops are acceptable....Low risk, high reward? We'll see more on my blog http://elliottwaver.blogspot.com/