NYSE Tick eod print at 1082 may reflects buying exhaustion; we also have some
negative divergence in the McClellan oscillator.
In an extended move such as this one, these warnings have to be taken seriously,
since in my opinion now the R/R is larger for a pause, which should lead to
a multi day pullback, but not to a major reversal, since, if the wave pattern
that I am following is correct, the "wave (B)" should have more upside.
In the mean time the negative divergence of the daily RSI has been erased,
strengthening the scenario, which calls for at least one more up leg after
the overdue pullback.
Today we have BAC & MO before the open and "heavyweight" technology companies
reporting after the close: IBM, INTC, GOOG & MSFT.
I guess that a miss, above all in INTC, should trigger on Friday profit taking
in the overbought NDX. On Friday we also have monthly OPEX , a potential "turn
window".
In the mean time the EUR is attempting to establish a multi week bottom with
price and RSI breaking trend line resistances
An eod print above 1.2880 would be a huge statement otherwise we will have
to wait for a daily higher low.
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.
Disclaimer: The content of this article is for educational purposes
only, the information supplied is not a recommendation to buy or sell any
security or financial instrument.
Thewavetrading.com nor the owner can not be held responsible for any loses
occurred from the information provided within the website.
The Information supplied cannot be copied or reproduced without the permission
from the owner.
Circle Us