Market Report: Short Term Update Ideas
As per this weekend's article, I have been tracking a few markets other than my usual SPX/ES Elliott Wave counts, as the ES/SPX has simply been one ugly market.
But the FTSE and DAX have shown themselves to be stars to us and keep us on the right side, we have been using 1272ES as a pivot, but the key has been the NDX.
As you can see this, although not pretty is still fine for an impulsive Elliott Wave count, as I wrote the FTSE and DAX are virtually at their targets.
So whilst I have been struggling with the ES/SPX ideas, there have been other markets that have helped those being the FTSE, DAX & NDX.
Looking at the Elliott Wave count of JPM a good case can be made for a new high towards $36.25- $37 and end a [a][b][c] Zig Zag bounce from the lows made on 25th Nov 2011.
Earnings are due soon, so it could be a great reversal setup, as this appears like its setting up to reversal and a "sell the news" set up.
Watching the RSI will also add to clues about the confirmation of a final pop being a 5th wave or not.
Until next time.
Have a profitable week ahead.