Internals today continue to support the bigger bearish picture in that volume is not supporting the rally and therefore the rally has no legs over the long haul. However, in the short term, the wave structure indicates a new high is probably coming before a major reversal occurs. Volume declined again to 715 million NYSE shares on a rally move today which is far less than the 876 million shares that accompanied the decline earlier in the week. Unfortunately for the bears though, 876 million is still a small number overall. I'd like to see volume break 1 billion to gain confidence in future direction. Most likely that type of volume will occur on a huge down day in price.
Which Method Can Traders Use to Confirm an Elliott Wave Count?
The euro is probably correcting in a wave (iv) as I labeled above. If correct, it needs to fall almost immediately because wave (iv) is getting a bit stretched relative to wave (ii). Prolonged rallying probably means I have this mislabeled, but the alternate counts are still very bearish. Bottom line, look for the euro to continue lower soon.
Who's Going to be President? Ask the Stock Market.
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.
4 comments:
You EWI affiliate bloggers and EWI paid report long time subscribers are seriously
a bunch of idiots...
Do you really believe mediocre blogger.. P3 down will make you rich?
I believe you will loose all your money listening to Pretcher
You sound like a very rational and reasonable person. Glad you shared that brilliant comment with us. EWI was dead on in the start of the 2007 decline while everyone was asleep. It saved my family, friends and I a lot of money. Analyzing these markets is about probabilities, not certainties, and amateurs like you have a hard time grasping that.
Trading is a marathon, not a sprint, and those of us who trade EWP properly and manage risk properly are still standing. I dont mind you being critical and disagreeing with something, but dont resort to name calling or put downs that add no value to the readers. Otherwise I'll just delete it.
Patience - being a contrarian is always a hard job.
Could be a top, Bob got hit, Crawford Newsletter, Fear Factor, VOS, and Bernoulli, oh my!
Check my blog--Arch Crawford allowed us to post his March 14 newsletter in FULL, for free, and it is a doesy, and dont forget to klik, know what I mean.
http://oahutrading.blogspot.com/2012/03/could-be-top-bob-got-hit.html
Per my previous post, Big Bob got hit, his S&P stop at 1399 got hit.
HBB (Humungous Bank and Broker) loves doing that. A quick run up yesterday....scary pop for shorts, and then to see follow through today....lots of stops hit. Bob a victim of his own success.
Arch Crawford (pretty famous Astro and Tech trader) also on the same page by entirely different methods. Arch kind enough to let me post a paid newsletter in full. Check out Arch at his website, really interesting stuff. If you call him on the phone he will answer too.
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