With the holiday season upon us for the next month, internals data will probably be skewed, confusing, and not as reliable as they are most of the year. So I'm not going to depend on them as much, unless we see a huge spike in volume.
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Today's high seems like a good place to put a stop loss for aggressive bears. For all others, above 1277.55 remains a very solid stop level.
Prechter: "The Trend Is Exhausted"
The euro appears to be in a lot of trouble here. The gap from this past Sunday is still open, the RSI is diverging on the 4 hour chart, and today's selloff looks like a top is in. I'm aggressively bearish the euro with a stop just above 1.3550 for my short term trades.
The Trend is Exhausted
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.
8 comments:
The Daily Euro chart has been forming a beaish flag since Tuesday off the potential double bottom. Todays bearish candle reversal sets-up a break of the double bottom for next week.
I can't believe how many talking heads turned Euro bullish the last few days.
The dollar has a totally inverse look. Get ready for a dollar explosion and a market collapse a'la 2008, the last time the CB's made the same annoucement.....Do they EVER learn?
Hi Brothers in trading,
Watch the 8 and 21 moving average next week for when to exit your short positions.........I am an Elliott Wave guy and from my perspective this move up will get a retracement and then another five wave move up to complete a zig-zag before another strong move down............I will be short early next week but after that then I will be long for the latter part of the week..............Of course I will be trading my system on multiple time frames to confirm all of this................
Good trading Everyone,
JahDave
Jah Dave
A ST Correction coming
http://markethighsandlows.wordpress.com/2011/12/02/12-2-2011-update/
REALLY? A DAILY falling star means the top is in? Man, the bears will reach for any small symbol to tell their tale. 1220-1225ish is likely with 1220 as a gift. It seems a new uptrend has begun.
Also, 1292 was 1, 1159 was 2 and we are now in 3. Good luck trading the wrong side of that.
Valu, think you're right that we go up, but not because it's wave 3, it's wave Y (or c). Your wave 1 is my W (or a), your 2 is my X (or b) and Y (or c) now up to 1390±6 on /es
For EUR/USD, looking for small pullback then more upside for rally into end of year then splat. My chart: http://www.tafool.com/Charts/eurusd1203114h.png Below $1.3200 says I'm ll wrong. Other pair to watch is the AUD/USD, should be primed for short here after next rally. It's got a long way to fall.
For S&P, 1146 to 1265 (/es #'s) was wave "i" or "a" up and now in "ii" or "b" down of this final leg up to 1390ish. Below 1146 says I'm wrong on that.
VIX showed a dragonfly doji.
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