Elliott Wave Option Signals - KORS Short

KORS has formed a short term too that should see the retailer drop to at least the $51.50 - $51.75 area before resuming its uptrend.  I placed a put spread in for this trade and here are the details:

Sell May 50 Put
Buy May 55.5 Put
Limit price of $1.65 per contract

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex - USDCAD Short Trade

The USDCAD appears to have extended too far and is in a topping formation. I'm unsure if it is a long term top that marks the start of a resumption of the downtrend, or if it is just a short term pullback.  So I placed the Fibonacci retracement levels in place for wave c to project a short term target area:

Shorted now at 1.3253
Stop loss at 1.3300
Profit target at 1.3205

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Signals - GBP Cable is About to Rip HIgher

The British Pound's decline is overextended on 3 different currencies, the GBPUSD, GBPCHF and EURGBP.  The GBPUSD offers the best setup since it is more oversold than the other two, but the GBPCHF offers more profitable pip potential.  I have Cable in a larger long term downtrend but wave ((i)) appears complete so a sharp and probably deep wave ((ii)) rally is in order soon.

Drilling down to the 1hr chart we can see that wave ((i)) appears fully developed and so wave ((ii)) is setup to get rolling higher.  I'm projecting a safe target for the prior 4th wave and 38% Fibonacci at the 1.4245 area.  I need confirmation from my proprietary indicators before I get long and for the GBPUSD I want a solid hourly close above 1.4122.  Here is the setup:

Getting long on a solid close above 1.4122
Take profit at 1.4105
Stop loss at 1.4075

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Futures Signals - S&P ES

The S&P is testing channel line support right now in what is probably wave ((4)).  I expect a move higher from here to the middle line of the channel to complete wave ((5)) of iii.  A breakdown from here, and a strong daily close beneath channel line support, could signal something much more bearish in the works.

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Signals - USDCHF Target Reached for 50 Pips

Well, it took long enough, but the Swissy finally grinded higher towards my target at .9740 for a nice 50 pip profit. It came within 5 pips of this and reversed so I'm closing half my position and moving the remainder stop loss to breakeven at .9690.  The dollar is poised to continue higher, probably to the .9780-.9800 area before considering to top. But I got my pound of flesh in the market so I'm happy with the trade.

ORIGINAL POST WITH TRADE SETUP FROM MONDAY:

I got a long signal on the 2hr chart on the USDCHF which suggests the correction in the USDCHF is not complete.  This makes sense as the correction has not made it to the prior 4th wave, and for a 2nd wave correction it would be quite shallow at the 23% Fibonacci level.  So this pair should unfold in a Combination WXY correction higher toward the prior 4th wave and 50% Fibonacci level at 0.9812.  Here is my trade:

Entered Long at market at 0.9690
Stop Loss at 0.9645
Profit Target at 0.9740

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Futures Signals

There was some minor inter-market divergenceyesterday as the S&P futures made new highs on the day while the Russell and S&P Midcap did not. This divergence signaled weakness entering today's session. However, this does not alter the wave count or the call for higher levels, which should be right around the corner.. I remain bullish the stock market.

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Signals - USDCHF Update

The USDCHF came within nust a few pips of my profit target then reversed. I still like the trade as the pair is continuing to traverse higher, albeit in an ugly choppy fashion. I remain long.

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Signals - USDCHF Long Trade Entry

I got a long signal on the 2hr chart on the USDCHF which suggests the correction in the USDCHF is not complete.  This makes sense as the correction has not made it to the prior 4th wave, and for a 2nd wave correction it would be quite shallow at the 23% Fibonacci level.  So this pair should unfold in a Combination WXY correction higher toward the prior 4th wave and 50% Fibonacci level at 0.9812.  Here is my trade:

Entered Long at market at 0.9690
Stop Loss at 0.9645
Profit Target at 0.9740

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Futures Signals - S&P Futures

Nothing has changed to my 4hr analysis on the S&P.  It is still moving higher in wave iii to target the wave i Fibonacci extension level of 161% at 2095.  I added another degree of wave to break down some of the small time frame action as well.

Drilling down a few wave degrees on the 15min chart you can see the inner workings of the waves at a much smaller degree.  Here, I see wave ((3)) extending to middle channel line resistance and Fibonacci extension of wave ((1)) at 127% at 2067.50.  Preferably, 2000 should stay intact for the bullish case to remain highly likely, but ultimately, 1958 is the key level the bulls need to defend.

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Signals - USDCAD Hit my Target

The USDCAD hit my target at the 23% Fibonacci retracement level at 1.3052.  I got out early though, Friday afternoon, because it was very close to the target and I didn't want to risk a large gap down on Sunday based on an even that occurred over the weekend.  But overall, still a good trade.

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.