I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
Tuesday’s trading action in the US Equity Markets was a fascinating experience in some ways – from the filled morning gap to the rounded reversal to the end-of-day reversal rally – all of which took place in two observable Elliott Wave impulse moves worth viewing. Let’s look at it all! DIA 5-min chart: The day…
There’s so much to write tonight, but let’s focus first on the wild and unexpected events that occurred during the trading day which will be classified as a failed gap fade, failed “rounded reversal,” and – depending on your stop-loss placement – successful trend day down. DIA 5-minute chart: Let’s start by discussing the overnight…
We’ve had a steady rally all last week in the major US Equity Indexes, but let’s focus on the technical position of the S&P 500 and view both the daily and weekly charts and note possible projections and confluences. S&P 500 Daily: Price is clearly in a daily downtrend with a distinct series of lower…
A reader brought to my attention to look at the Elliott Wave Count for the Euro Index, and there’s an interesting development you might find interesting, or want to share you interpretation of what the count might be, or what might be in store next for the Euro. First, let’s set the stage with a…
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…
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…
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…