All Entries Tagged With: "elliott wave count"
Slicing the Neckline: A Classic Technical Pattern Agrees with the Elliott Wave Count
By Elliott Wave International In the August issue of his Elliott Wave Theorist, market forecaster Robert Prechter alerted readers that the U.S. stock market was slicing the neckline of a classic head-and-shoulders pattern in technical analysis, and that this may send the market into critical condition. Prechter said that when the Elliott wave count and [...]
$SPY Elliott Wave Update – 8/5/2009
The market broke the trendline we referenced last night and even came up to test the backside in the afternoon. This may be the start of the move down we’ve been waiting for or we may get one more push higher. I mentioned a two-bar break of the 20-period simple moving average would also confirm [...]
$SPY Elliott Wave Update – 8/4/09
The market refuses to go down! Given the recent strength I’ve relabeled the rally with an extended 5th wave. The pink dashed line represents .786% of the distance traveled in waves 1-3. As you can see there is a chance we get another pop to a new high but that’s not required. The market is [...]
$SPY Elliott Wave Update – 8/3/2009
No major changes to this morning’s wave count. The hourly momentum indicators continue to form negative divergences which will likely result in a long awaited correction. The second chart is a drill down to the 15-minute chart showing the expanded flat subdivisions. Expanded flats trace out 3-3-5 patterns so if my count is accurate Wave [...]
Pre-Market Update – 8/3/2009
The futures are up big in pre-market trading and there’s a strong possibility last week’s high may be broken. I’m staying with the current wave count for now and assuming the market is tracing out and A-B-C irregular flat, which allows for Wave B to move to a new high prior to beginning a 5-wave [...]
Elliott Wave Count Update – $SPY
This morning’s lows completed a five-wave move to the downside which I labeled as wave 1 down. This should begin a wave 2 bounce taking SPY to at least $90.20 before heading lower. My wave 3 target will probably be in the $85 area, but I’ll try to put out a trade alert before going [...]
