With Baidu.com’s (BIDU) stellar $55 (12%) loss overnight (which is partially being recouped in today’s trading), let’s take a quick look at the weekly chart to find that the ‘damage’ so far was contained to the rising 20 week EMA, and then take a look at a detailed recent Elliott Wave count on the recent move off the late 2008 lows.
Not only was Friday’s trading day active and interesting, but price gave us a neat example of the “fractal” concept of the Elliott Wave principle. Let’s take a look to see a good educational example of the concept played out on the ultra-short 1-minute timeframe:
It’s time for the August Elliott Wave Count update on the S&P 500. I will show the two most plausible Elliott Wave Counts which remain unchanged from May’s Elliott Wave Update (which successfully targeted 1,000 as a minimum upside target in the S&P 500). Please review that post for deeper context as you read the August update.
Today’s price action held a lot of lessons for apt traders – let’s take a look at the SPY (US Market proxy) and the intraday chart to see what quick lessons we can learn from today’s price action – technically a Trend Day Down.
We’re seeing a very similar situation in IBM’s Weekly and Daily charts that I highlighted in a prior post on RIMM (RIMM: Bullish or Bearish? Depends on Your Timeframe).
If you look in isolation at IBM’s Daily chart, you might want to get aggressively short right here right now thanks to a breakdown of support; however, if you look only at IBM’s weekly chart, you might want to get aggressively bullish thanks to confluence support. What does a trader do? Let’s take a look.
Per multiple reader request (thank you to all my followers in India!), I am updating my analysis on India’s “Nifty 50” Index, beginning this week with the long-term 10-year Monthly Structure.
Let’s take a quick look at a possible large-scale Elliott Wave count and also a Fibonacci Confluence (three price levels) chart on the monthly timeframe – a key turning point may be ahead soon.
Per reader request, let’s take a look at the current movement and structure in the EEM Emerging Markets ETF and see a possible fractal Elliott count as well as simple support levels to watch.
What a day! We got an unexpected “Trend Day” up which just so happened to form a text-book complete Elliott Wave pattern. Let’s take a look and learn from some of today’s lessons, including a “Three Push” pattern and Bull Flag.
Potash (POT) fell 11% on June 17th, slicing through daily support and inflecting down off the 38.2% weekly Fibonacci retracement. Let’s see all this up-close and learn a few lessons from this price movement.
I mentioned last night in a lesson/example on intraday Elliott Wave that a fractal 5-wave structure had completed. If we look up to the 15 (or 30) minute intraday charts, we see another ideal example of the expected Elliott pattern. Let’s see it as another example to try to learn this concept of how momentum lows and divergences fit into an Elliott pattern.