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…
What a day and what a recovery we have underway! The major US Equity Indexes surged over 10% today, with the Dow gaining a record point gain in a singular day. It gave us a good example of a classically defined “Trend Day” so let’s waste no time in looking at this example. DIA (Dow…
A popular question I’ve been asked recently is “With the US Government ‘printing money’ and the Economy going into recession, why in the world is the US Dollar Index rising?!?” Let’s take a look at a possible prevailing reason. While clearly, there are dozens of fundamental and economic reasons as to the development, I wanted…