Today I will not spend too many words in this post since you already know
my view.
What is needed is a statement from price.
SPX has reached a critical crossroad:
If the Zig Zag off the October 4 low is the correct count, which implies that
price is establishing the bottom of the wave (2) of (C) then we should not
give much more leeway to the down side.
I have the 1215 as the line in the sand.
An eod print below 1215 will mean that both the 50d and 20d are above and
this is not what you would expect for an immediate bullish resolution.
This option needs an immediate bottom also because the RSI has breached the
50 line and with more downside pressure the MACD would most likely trigger
a bearish cross.
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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