A reader asked me to revisit the 1929 Stock Market Crash through charts and the following chart of the Dow Jones reflects the period from 1922 to 1932 to show you the initial 1922 low and the final 1932 low and what happened in-between as seen on a weekly timeframe. (Click for Larger Image) The…
Gold prices have been confounding both longs and shorts, particularly in a climate of economic uncertainty. Let’s take a look at gold’s daily chart and see a basic technical analysis 101 pattern that’s currently containing the price structure in gold. Gold Daily Chart: (Click for large image) Despite all the Elliott Wave, Fibonacci, Cycle, Indicator,…
I highlighted this possibility last night to a few people but now it appears confirmed that the US Stock Market – as described in the DIA – is completing a short-term (intraday) Rounded Reversal Pattern that appears to be setting up a counter-trend rally. DIA 15-min: If anything, this serves as an excellent example of…
Apple Inc (AAPL) has been holding its own throughout the recent market downswing from February, showing relative strength to the S&P 500. Let’s look at Apple’s Weekly Structure (using basic Elliott Wave) and also a key support level on its Daily Chart. Apple (AAPL) Weekly: Apple is likely coming off an ABC Corrective Three-Wave phase…
US Steel (X) was a grand beneficiary of higher commodity prices in general, but just as its share price ran up in the commodity bubble that ended in 2008, price fell to levels few thought possible. Let’s take a look at the monthly chart – containing a near ideal Elliott Wave pattern – and more…
What happened directly after the Dow Jones Index completed its 5-Wave downwards pattern from 1937 – 1938? And might the same thing unfold in today’s market? Let’s take a look. We had an ABC Up retracement that lasted about seven months that resulted in a 62% gain for the Dow Jones. It also took prices…
With the S&P 500 at new lows not seen since 1996 – clearly surpassing those lows made in October and November 2008, you would expect the Volatility Index – or VIX – to be making new highs as well. It’s not. Let’s look at the VIX and see what clues it might be telling us….
In charting, sometimes past is prologue. There is a distinctly eerie similarity in the 5-Wave decline from the October 2007 highs today with what happened – almost identically – as the Dow peaked in early 1937 and bottomed out in April 1938. It’s something you probably should examine, as it could resolve the same way…
Crude Oil has come into a potential support area most traders might not be aware exists, but it’s evident from the long-term monthly chart. Let’s see this structure and what might be in store for crude, barring any further unforseen developments. Crude Oil Monthly Chart: (Click for larger image) Crude Oil ($WTIC as the benchmark…
Friday was a monumental day in so many ways, primarily because the S&P 500 closed at a multi-year low. Let’s step inside that intraday structure and see how the day developed and how we might have traded within the intraday timeframe. DIA 5-min chart: I’ll be honest – this was a very difficult day (at…