A reader asked me to take a look at Amgen (AMGN) due to an interesting pattern he noticed. Let’s look at the recent “Rounded Reversal” as well as the failure at the confluence overhead resistance of the 200 day SMA and the 61.8% Fibonacci line.
For those of us looking ‘under the hood’ of the market right now, we’re seeing multiple negative divergences stacking up – do these signal a key top is in place? Let’s take a look at the S&P 500 and the negative divergences in Volume, Momentum, and the McClellan Oscillator.
I thought it might be interesting to post the current Andrews Pitchfork chart of the daily S&P 500 to see what that tool might be indicating.
I thought I’d try an experiment with the 10-Year Treasury Yields Long-Term Chart and apply a little Gann analysis in terms of squaring price and time to see what the result might be.
Here’s the “chart art” from my experiment which probably should be filed under “Interesting” as opposed to “Actionable.”
The team at Elliott Wave International are offering a free 10-page sample of their Asian-Pacific Financial Forecast service which covers the following markets:
* India’s SENSEX
* Taiwan’s TAIEX
* Korea’s KOSPI
* Japan’s NIKKEI 225
* China’s Shanghai Composite
* Singapore’s Straits Times Index
* Hong Kong’s Hang Seng Index
* Australia’s ASX All Ordinaries
Potash (POT) fell 11% on June 17th, slicing through daily support and inflecting down off the 38.2% weekly Fibonacci retracement. Let’s see all this up-close and learn a few lessons from this price movement.
My apologies for being slightly late for this week’s selections – here are this week’s “Editors Picks” from the resourceful NewsFlashr Business Blog headline site (in order of site rank): Stock Trading to Go discusses the “Three Best Liquidity Ratios for Fundamental Investors” to use in their analysis. To those not aware of these, they…
I mentioned last night in a lesson/example on intraday Elliott Wave that a fractal 5-wave structure had completed. If we look up to the 15 (or 30) minute intraday charts, we see another ideal example of the expected Elliott pattern. Let’s see it as another example to try to learn this concept of how momentum lows and divergences fit into an Elliott pattern.
What a day! Let’s learn a few critical lessons from today’s trading activity, particularly in regards to how Momentum fits into Elliott Wave, how bear flags are confirmed with dojis, and more!
Adam Hewison released another timely update on the gold market this morning entitled “Gold Update – Will a Long-Term Trendline Stop the Hemorrhaging?”