Tuesday was an extremely fluid or rhythmically flowing day in the US Equity Indexes. Let’s view this price action through the DIA including a gap-fade with two bear-flags (Dow Jones ETF) and see what trade set-ups and structure we observed during the trading day. DIA 5-min Chart: The morning began with a large-scale gap (though…
An interesting potential reversal is underway in the US Dollar Index, which could give a boost to commodity prices in the short term. Let’s look at this development, and also a potentially complete Elliott Wave Impulse graph of the Dollar Index. Dollar Index Daily: : The US Dollar Index has surged steadily from its April…
During the Financial Crisis of 2008, the Ultra-short (two times leveraged) Financial ETF – symbol SKF – has generated a grand profit for some traders. However, such grand profits are not without extreme risk, as we saw in the recent three-day 50% slide in the ETF. Let’s look at this development and add a little…
I wanted to thank a couple of readers who brought to my attention the Fibonacci retracement grid from 1975 to the 2007 highs in the Dow Jones Industrial Average which recently has interesting if not outright actionable information regarding the current structure and possible large-scale inflection point (support) we just tested. Let’s look at this…
Recently, gold prices broke out of a month-long consolidation phase which should send us on a countertrend rally to the upside. Let’s see this potential devleopment and where might some targets be set. Gold Daily Chart: Price formed a swing high near $980.00 in July before falling $300.00 per ounce to a swing intraday low…
The commodity collapse or demand destruction in prices has hurt commodities across the board, including companies that rely on them. I wanted to take a special look at former high-flyer US Steel (X) to show the boom and bust and underscore the volatility in commodity-based stocks. US Steel (X) Monthly: I added an Elliott Wave…
I was doing some work with Fibonacci retracements this afternoon and found a particularly interesting confluence I thought I’d share with you. It’s on the Dow Jones and it involves the current low and how it almost mysteriously fits within the current structure. Dow Jones Weekly Chart: First, let me start by saying this is…
Wow – what another surprise today’s final hour of trading brought us. I’m sensing a pattern developing here. Let’s see the 15-minute chart structure and observe the divergence that preceded the action, and then see if we can count a completed 5 wave impulse – complete with mini-fractal waves – of the final potential wave…
This trading week so far has been an absolute disaster for long-only investors. Let’s take a look at the current Dow Jones structure and see if we can pick up any clues on what might be in store next. Dow Jones Monthly: As of this writing, there’s still an hour left in this trading week…
I just discovered this link and had to pass it on to you. The MoneyShow.com is featuring dozens of select presentations via webinars from speakers at the Las Vegas Trader’s Expo. Specifically, the link is their “Upcoming Webcast” page off the homepage which offers you to participate or view in a chat-room while listening to…