This Elliott Wave blog is dedicated to sharing Fibonacci ratios and other technical analysis for forex signals, index futures signals, options signals, and stock signals. Elliott Wave Principle puts forth that people move in predictive patterns, called waves. Identify the wave counts, and you can predict the market.
Friday, July 17, 2009
S&P Futures Big Picture; July 17, 2009
The S&P rallied before I thought it would, but that's no surprise as the entire rally over the past few months has barely taken a breather. This is typical of wave 2 rallies. It also makes it less likely that the alternate count is correct, which has this rally as a B wave. The projected path on the daily chart which I made a couple weeks ago is playing out. I expect a major top in the S&P between 1000-1100. Right now I am flat the stock market and will wait for signs of that major top before I consider re-entering the market. I play short term swings, but going heavily short will not happen until I believe wave 2 is over. I will update this blog once I start seeing strong evidence that wave 3 down is about to begin. It will bring about the shorting opportunity of a lifetime, and could make a savvy trader 500-600 S&P points in just a few months.
(Click on the chart above to make it bigger so you can see the wave count)
Wednesday, July 15, 2009
930 S&P Futures is Key to Bearish Case; July 15, 2009
No time to get into detail; but 930 S&P futures (935 cash S&P) needs to hold or the immediate bearish case is most likely broken. A break of that level will make the entire fall the past couple weeks a 3 wave drop and most likely complete. I will not be short at all on a rise above 930 S&P futures. As long as it stays beneath this level, the bearish case is in full force.
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