Gold has been stunning traders both on the longside and short-side. Adam Hewison released a great video to describe different time frame action, as well as reveal insight into possible future direction thanks to their “Trade Triangle” Technology. Let’s compare charts and see what he means about gold. First, let me display my quick interpretation…
Despite the volatility of last week, a relatively orderly symmetrical triangle is forming on the S&P 500 Index which could be resolved early next week. Let’s examine the S&P 500 daily structure and then the 30min chart for clearer insights on this consolidation pattern. S&P 500 Daily: The daily chart looks horrendous for long-term investors…
If you’ve ever wanted an easy, three-click method for price projection targets from what you perceive to be bull or bear flag set-ups, check out this simple method using traditional Fibonacci tools in TradeStation (similar in other charting packages with the Fibonacci Projection Tool). Let’s not discuss Fibonacci, but just the “100% Equal/Measured Move” of…
In the previous post, I mentioned the possible Elliott Wave Count for the intraday DIA 5-minute chart. Let’s look at that in more detail and see if the Elliott Wave count plays out through the rest of Friday: Wave 1 rose from $82 to $87 for a $5 wave before Wave 2 retraced to the…
Thursday’s action in the US Equity Markets was quite … interesting. The day began with a large volatility move down 300 points, reversed, then the Dow closed 400 points higher. I wanted to deconstruct some of the action and highlight a particularly interesting set-up. October 16, 2008 DIA 5-Minute Chart: The day initially retraced into…
The recent stock market downturn has taken down many otherwise strong stocks, destroying yearly uptrends and shattering large-scale support levels. Let’s take a quick look at the current S&P 500 Index as well as large “Blue Chip” companies Exxon-Mobil (XOM) and Johnson & Johnson (JNJ): S&P 500: I cannot underscore how much damage has been…
I wanted to offer my interpretation of the Elliott Wave Count structure on the NASDAQ chart, which is very similar to that of the S&P 500 and Dow Jones. For “Basic Elliott Rules,” see my prior post. Let’s get started with the current possible (preferred) Elliott Count on the NASDAQ: Elliotticians know that – if…
Of the major US Equity Indexes, the NASDAQ has suffered the most on Tuesday and now on Wednesday, and was only able to retrace to the 38.2% Fibonacci retracement of the August highs to the October lows. Let’s see this index on the daily and weekly charts: NASDAQ Daily Chart: Price clearly made news lows…
The day’s action hasn’t closed yet, but I wanted to throw this chart out quickly and ask the question: “Is the retracement rally everyone expected already over?” Let’s look at the DIA Daily Chart: Not only have we already tested (and failed officially) at the 50% Fibonacci retracement from the August highs to the October…
Adam Hewison of Market Club released a video I wanted to share with you today entitled “Fear.” In it, Hewison describes Roosevelt’s famous quote “The only thing we have to fear is … fear itself” and then applies this concept to trading as he discusses the recent moves in Crude Oil, Gold, and the US…