I don't have much to add regarding my short-term scenario of SPX.
Yesterday price action does not suggest that the move off the June 4 low is
finished, hence the short-term trend in my opinion remains up.
So once again I show the same daily chart.
Here I highlight the overall appearance of a bearish rising wedge; therefore
we cannot rule out one more "last" exhaustion up leg towards the upper converging
trend line.
At the moment there are several intermediate time frame options so I have
no idea if the approaching top belongs to a larger corrective pattern off
the April top (Blue labeling) or if the intermediate up trend off the March
09 low has been taken up after a shallow interruption (Black labeling).
In the following weekly chart we can see that price is approaching a critical
resistance zone = 1440 - 1447 where price has to reverse otherwise, on the
upside, the there is only "thin air" until a weekly gap at 1478.49.
Yesterday I suggested to monitor closely NDX, since there is 3-days potential
bearish candlestick set up. But maybe it is worthless if AAPL is unfolding
a Flat, which will result into one more up leg.
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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