Internals today were solidly bearish. Everyone was a seller today, and all day. Yesterday's rally was a sucker's rally. No capitulation, no bottom. Volume even picked up a bit today after yesterday's big move higher. The bears remain in control.
Below is what I posted this morning:
Learn Elliott Wave Principle
The euro's wave ((ii)) bounce was short lived as a new low was established in today's trading. All signs point to a large sharp move lower being underway in the euro as wave ((iii)) down gets firm control of this pair.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
3 comments:
If I had to predict the future of the S&P I would have to say we will come off 1250 support hit the 1350 ceiling and we will have ourselves a head and shoulders patters that will take us back down through 1250 support for a break down.This is a speculation, but it'll be fun to see if I'm right... :D
btw, I don't know much about Elliott wave but doesn't it show that the S&P cycle is coming on the down side, Meaning the 5th wave is already in on that cycle?
As of right now I tend to agree with you. This decline is far from impressive and looks and feels corrective. So a surge above 1300 or more seems quite plausible. In EWP, the core belief is that at Cycle, Supercycle and Grand Supercycle degrees are all in a downtrend right now. If correct, then the all time highs we have in place from 2007 will remain intact for a very long time.
thanks for the info :)
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