I will be going 50% short position near the close. Stops will be set to SPX 1595 and will hold position until Friday. Trade safe and all the best!!!!
Gold's Bull Trap after false break. Gold could not pass resistance trend-line to reach MA(50) then fell to new low and confirmed the very "Big M" pattern. This is a nightmare came true. First target = MA(200) at $1433. Next = "Big M" target = $1300. Silver same pattern, but already broke the MA(200). Support = $25, $23, $20 and $17.5. MACDs and RSIs are weak. Crude Oil rebounded to just above the left shoulder then fell back through neckline as expected. Note two "Big M" patterns in Crude Oil chart. $XEU could not pass bearish MA(50)@131.12 and previous highs, which might have turn into a very big reverse Head and Shoulder patterns in weekly chart. $USD support at previous low and bullish MA(50).
Weekly TRAN MACD started turning DOWN, might cut trigger line DOWN soon. Stock could be overbought forever, but after third SELL Signal in RSI like SPX's and NASDAQ's weekly RSI, trend might change. INDU's Daily chart RSI to show third SELL Signal soon. Weekly INDU's RSI overbought, if fell below 70% trend may change.
Silver beat $23 target which is more than 50% correction form 2011's top. This may be a Cycle Wave IV) correction. Gold almost reached $1300 target. Cycle Wave IV) correction might get to $750-950 in 5 years time. Crude Oil's "Big M" pattern confirmed, target might be $85.5. $XEU's Head and Shoulders target might be 122. $USD's reverse Head and Shoulders target might be 91.
Weekly TRAN's MACD cut trigger line DOWN as expected. Daily UTIL's RSI first SELL Signal. MACD might cut trigger line DOWN soon. Daily INDU's, SPX's and NASDAQ's RSIs, MACDs and divergences showed SELL Signals. Weekly INDU's, SPX's and NASDAQ's RSIs showed first SELL Signal. MACDs might show SELL Signals soon.
I had yesterday 4/15/13 as a low and the next entry timing signal is 4/17/13. If it is a high, then I will go short until Friday close. If it is a low, I will go long until Friday close. Trade safe and all the best!!!!
Going fully short tomorrow at a specific SPX target and will close position few days later. Trade safe and all the best!!!
There is no system that is 100% proof to give you profit on every trade. Elliot Wave is a roadmap (subjective) that helps a trader to identify a market turn or a reversal (could be a high or a low). I took a loss this morning on my short position and will try hard to get it back on the next trade. Freddy!!!!!
I am not talking about 100% always win, I am talking about if the whole theory actually makes sense at all. No one can prove if this theory logic is a novel or a real useful thing.