Yesterday, May 21st offered an excellent opportunity to demonstrate how multiple confluences of non-correlated methods can lead to powerful intraday turning points – in this case, the absolute price low of the day. Let’s take a look at how we could have known with a high degree of confidence (but not certainty) that $88.25 was the absolute pivot low that preceded a powerful rally in the SPY (and similar structure to the QQQQ and DIA ETFs).
The deeper I get into the Elliott Wave method, the more I am impressed with how frequent its patters show up across all timeframes almost identical to the teachings of Ralph Elliott 70 years ago. Let’s take a look at a perfect Elliott Wave pattern – complete with ideal fractal waves – on the intraday SPY for May 20 and 21.
I wanted to highlight a key structural point that many traders might have missed when evaluating this morning’s gap in the stock market. Let’s learn a quick lesson on market internals as sources of confirmation.
Wow – what a trend day up for Monday May 18th. Let’s look inside the intraday structure and try to learn some lessons from today’s Type III Trend Day action.
Fibonacci Confluence grids as I mentioned in yesterday’s educational post “A Lesson on Fibonacci Confluence.” I wanted to share a few more examples of this powerful concept in action.
Thursday’s intraday trading action gives us a perfect example of how to use Fibonacci grids to uncover ‘hidden’ confluence zones in the market action. Let’s see how to do it and how it played out in the SPY.
There were some interesting lessons to learn via the intraday action on May 13, 2009. Let’s see some of them – particularly three TICK divergences and a fractal Elliott Wave pattern on the trend day.
Let’s take a quick look at what the mysterious “Andrew’s Pitchfork” chart tool is telling us currently on the S&P 500.
to highlight something interesting I’m seeing in the Market Internals for May 11th in the S&P 500 (SPY). So far on this rangebound day (following a gap-down), the Market Internals (particularly TICK and Breadth) have been biased to the upside.
Google has formed a very rare and interesting pattern, known as a “V-Arc Reversal.” Let’s look at this pattern and what the current daily structure of Google (GOOG) looks like.