As you know atm I am only interested in the time frame from the October 4
low.
In this time frame I reiterate my bullish stance.
The reason is very simple:
The corrective pullback occurred from the end October to the end November
indicates that the EW pattern from the October lows is not over yet. Therefore
a reasonable bullish resolution will bring higher prices ahead.
You also know that I have been working with 2 potential scenarios:
Triangle wave (B)
ZigZag (ABC), with wave (A) & (B) in place.
For the time being my primary count remains the ZZ option. I have the line
in the sand in order to switch the preference with a eow print below 1215
If this count is correct price has to confirm a bottom pretty soon.
The upside potential for the assumed wave (C) = 1375 zone
NDX is also "emanating" bullish vibrations. Here price should be involved
in a large DZZ, but within the possible longer-term pattern, I am only interested
in the wave structure from the November's low. Which in my opinion calls for
a pending wave (C) up.
Contact: If you would like to contact the author, you can e-mail him
at thewavetrading@gmail.com
The main objective of this project is to share my views on several markets
and asset classes.
In the initial stage TWT website will be a free service.
My main focus will be the equity market with SPX being the leader but I will
also follow US equity sectors, major European indices, fixed income, currencies
and commodities markets.
My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines
and investor sentiment.
My goal is to establish the most likely path that the price of a particular
asset will undertake and profit through ETF instruments both on the long and
short side and mainly with leveraged ones (2 x & 3 x).
The advantage of ETF investments is that it allows getting involved in equity
indices & sectors, currencies, fixed income, commodities etc.
Therefore the main purpose of TWT will be to establish investment strategies
regardless if the market is in an up trend or in a down trend, leveraging
the chosen scenario while managing the risk by establishing protective stop
losses.
Hence I will always define the risk, I will try to let winners run the wave
and I will cut the losses if my strategy is wrong.
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