Adam Hewison of Market Club released a video analysis of Gold prices today that I wanted to share with you, as well as provide you with my own chart of daily Gold prices. Adam discusses how to use the Market Club software to identify larger trend then drill down to the smaller time frame for…
With all the rampant volatility of the last few days, it’s easly to lose focus on the larger structure. Tuesday, the S&P 500 tested its 200 month moving average – Wednesday, it broke it. Let’s view the monthly S&P 500 and Dow Jones Index charts. S&P 500 Monthly: After price violated the 50 month EMA…
Potash (POT) was a highly watched, profitable stock from 2007 to mid-2008. However, as the commodity markets began falling sharply, so did shares of Potash, destroying profits and sending prices plunging from $240 to $80 in four months. Let’s see these developments on the Weekly chart as well as potential support both from the weekly…
Just when you thought the trading day couldn’t get any weirder… price gaps down strongly (and likely unexpectedly) in the morning, forms a trend day virtually all trading day long, and then destroys the trend-day down structure into the close. Let’s look at the intraday 5-minute structure and the sneaky Elliott Wave pattern that formed…
I know – probably the last thing you want to read on a day when the US Equity Indexes are down over 5% is an example of the Elliott Wave Theory applied to a one-minute chart of the DIA, but sometimes it helps to envision structure in an environment of perceived chaos and randomness. If…
Today’s equity decline undersay has stunning ramifications for the larger time-frame structure of the S&P 500 and other US Equity Indexes – we’re now at levels not seen since 2003. Let’s take a quick look at this structure to see where this takes us. S&P 500 Monthly Chart: First, let me state that we’ve now…
The US Dollar Index made fresh 2008 highs on Friday, but only marginally so. Let’s look at the daily chart as well as the longer term monthly chart for potential clues to the future. Also, Adam Hewison of Market Club recently released a two-part video series entitled “The Past and Present of the US Dollar…
On Monday, the US House of Representatives rejected the “Bail-out/Recovery” Bill narrowly, sending the Dow Jones plunging, closing down 777 points. Today, hours ago, the House passed the Bill by a comfortable margin. Did the Dow rally like virtually everyone expected? No – it fell almost 500 points from its intraday high. It almost makes…
I previously posted the “Three Hard and Fast Rules of Elliott Wave Theory” and now it’s time to see these simple rules in action on two stocks on different time frames. First, let’s review those rules: 1. Wave #2 Cannot Retrace 100% of Wave #1 2. Wave #3 Cannot be the Shortest Wave (but does…
Despite how difficult Elliott Wave Theory seems – and it’s certainly not easy to interpret possible wave counts – there are really only three solid, objective rules that your wave count must follow – the rest is mere guidelines. What are these three main rules you ask? Let me preface by saying that Elliott proclaimed…