Not only was Friday’s trading day active and interesting, but price gave us a neat example of the “fractal” concept of the Elliott Wave principle. Let’s take a look to see a good educational example of the concept played out on the ultra-short 1-minute timeframe:
A reader asked me to take a look at Google, so let’s chart Google’s (GOOG) daily course through 2009 and note key levels of support to watch going forward.
I wanted to highlight a particular ‘indicator’ in TradeStation and other trading platforms that allows you to compare relative volume off the opening session with prior opening sessions of the same length.
In TradeStation, the symbol is $TVOL – and here is what the current morning’s graph shows for the first hour’s volume in comparison with prior days:
With all the attention on Gold’s recent breakout, I haven’t seen as much attention focused on the index breakout to fresh 2009 highs in silver! Let’s take a quick look at something interesting in Silver’s (index) weekly chart, as well as the daily structure.
I wanted to step further inside the GLD break and highlight the initial break, apex test, and then breakaway gap as this served as an excellent example to showcase these concepts.
There’s been a flurry of activity in regards to the recent internal triangle breakout of gold from its lengthy triangle consolidation pattern. Let’s take a quick look at this pattern and what might be in store.
I can’t say I’m entirely surprised by the announcement today (via Yahoo Finance) that Deutsche Bank will end the Double-Leveraged Crude Oil ETN under symbol DXO. The full story is tantalizingly entitled, “ETN Shutdown Won’t Be the Last.” Be sure to read the full story by Don Dion (from TheStreet.com).
Just in time to highlight a potential market inflection point, Adam Hewison released a six-minute video update on the past and current structure of the NASDAQ Index entitled “NASDAQ Trade Triangle Update.” In the brief video, as usual, Adam highlights key Fibonacci retracement levels and comments – as I have been doing – on the…
A couple of readers have asked my take on the Shanghai ($SSEC) Stock Market in light of Monday’s “mini-crash” and down-move that preceded it. Let’s take a quick look at the Weekly and Daily structure for more clues and lessons.
I wanted to highlight an interesting potential “Key Reversal” bar in the NASDAQ ETF QQQQ. Let’s take a look: