I wanted to highlight a critical overhead resistance level – what I call the “Cradle Crossover” – that is occurring now in the S&P 500 Index. A resolution of this structure would certainly give us clues as to what to expect going forward.
Here is a possible Elliott Wave count interpretation and simple structure forecast for Gold prices going forward
The Financial sector has fared mighy well since the interum bottom on March 6th. Let’s see the unique 5-Swing (Quintuple!) Positive Momentum Divergence and the famous Cradle Trade that formed recently under price. Let’s start with the Positive Divergence. Generally, you identify a divergence by comparing one swing to another – such that price makes…
What a day! We got an early morning gap and then the remaining structure for the day formed an ideal Rounded Reversal. Let’s see this intraday development on the SPY 5-min chart. Typically, if a morning begins with a gap of over 100 Dow points (or in this case, $1.00 on the SPY, the S&P…
As a slight continuation of last night’s “Elliott Wave” update post, let’s look at the hourly (60m) chart of the S&P 500 from the beginning of 2009 until present (mid-day Friday, March 27) with a special look at divergences, moving average structure, and fractal Elliott Waves. (Click for larger image) The year began with a…
A few readers have been asking me to explain the “Cradle Trade” Concept with an example and I wanted to take the time to do that in this post. The “Cradle” has become my favorite trade, and it is one that I discovered through repeated observation. I’m sure others have figured out the same thing,…
The market was supposed to go down today, wasn’t it?! I sure felt that way but price – after all – is king. Let’s step inside March 17 ’09 to see the “Idealized” Intraday Trades of the day. I even included a money shamrock to spice up the chart today. The bias was – for…
Monday’s trading day gave us some interesting opportunities worth discussing, in terms of “Trend Day,” reversal, divergences, etc. Let’s step inside yesterday’s action to see key opportunities as they developed. SPY 5-min March 16, 2009: Looking at the 5-minute chart without the context of the higher timeframes reveals the day shaping up to be another…