Daily Analysis

By: TheWaveTrading | Fri, Jun 15, 2012
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Greek elections are finally upon us and central bankers are ready to intervene next Monday if needed.

I have no idea of what price is doing in the immediate time frame, but I remain confident the price has not completed a Zig Zag from the June 4 low.

Therefore there is a pending wave (c) up, with an "assigned" target range = 1344 - 1363 and two potential "stopping points" either at the 50 d MA or an unfilled gap at 1353.39.

Since In my opinion we are dealing with a countertrend wave (B) rebound there is no "assurance" of where it will top.

As long as we don't see a deterioration of market momentum & breadth indicators, the trend is now unquestionably up.

Once an impulsive or ending diagonal wave (c) up can be detected then we should be able to have a better clue regarding the potential upside left.

The immediate pivot support remains at the 10 d MA = 1307.

If it is breached price will most likely retest the 200 d MA = 1291.

The Immediate resistance remains at 1335.52.

If it is broken then the door will be opened for a move towards the mentioned target box.

SPX
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Momentum indicators have reversed yesterday's bearish warnings:

SPX
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The McClellan Oscillator remains bullish friendly, maybe preparing a thrust higher out of a triangle pattern.

NYSE McClellan Oscillator

In the weekly chart below I have my "road map":

SPX
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I will be spending the weekend in Asturia with wife and friends; therefore I will not post my usual weekend update on Sunday.

Have a great weekend everyone.

 


 

TheWaveTrading

Author: TheWaveTrading

TheWaveTrading

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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TRUE MONEY SUPPLY

Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/