Okay, folks, I need help from someone who knows a lot more than I about Elliott Waves (which is pretty much everyone.) Anyone out there who’s looked at the 2007 EW count vs the latest from 2011? Maybe one of you has charts from way back then, or can look at this and see all … continue reading →
Category Archives: Charts I’m Watching
UPDATE: 1:00 PM PDT Should see a little backtest here, possibly down to 1292, before the next leg up. We pushed to 1296.80, just shy of the 1298.61 and 1297.62 highs from the 14th and 15th. So, natural for there to be some momentary indecision about whether we’ll be able to establish a higher high … continue reading →
SPX is off to a strong start, up 11 at 1279 with Personal Income about where it was expected, positive rumblings on the Greece problem, and a White House pow-wow to try to break the debt ceiling impasse. The way we’ve started, I expect today to leave a bullish engulfing candle on the day. Last … continue reading →
While there is plenty of speculation that this will be the week we experience a flash crash, I don’t think it’s likely. And, if it should happen, it won’t be the market disaster that many expect — for the simple reason that such severe drops almost always retrace significantly in a relatively short amount of … continue reading →
As regular readers of this blog know, I’ve been banging the ‘market tops are alike’ drum for a while (previous posts here and here.) I view 2007 as particularly similar to the current market. In my opinion, we’ve completed wave 1 of (1) down and are in the process of tracing out corrective wave 2, … continue reading →
UPDATE: 10:10 AM PDT The bears are hanging in there, not about to go quietly. We’ve dipped below the 1272 target I had in mind, and did something interesting in the process. The rising wedge I drew this morning (bottom chart below) was a little too cute. It led right to 1320. Since rising wedges … continue reading →
The market nearly succumed today following a dramatic test of the All One Market hypothesis. In a lame attempt to curry favor with voters, the administration waged war on high oil prices. They brought a peashooter to the front lines, but their first shot hit the market right between the eyes. In a move as … continue reading →
The White House’s brain trust thought this would help? US Plans to Release 30 Million Barrels of Oil From Strategic Reserves http://www.cnbc.com/id/43508255 Come on, guys; everyone knows that markets are very much in sync these days. This little stink bomb took crude down $4 and an already fragile market down another 20 points. While lower … continue reading →
Once again, the financial establishment must be wondering how to cancel the Bernanke Show. Though, that’s not the real reason the market is down 21 points to 1265. It’s the economy, of course. With a little help from a bone-headed move to tap the strategic oil reserve. And, this morning, we get a little taste … continue reading →
I’ve been posting for the past month about the similarities between this topping pattern and those of 2000 and 2007. [see Deja Vu, Channel Surfing, You’ve Got a Fan, etc.] Here are the charts I’ve developed that show just how similar they are, and what I think they tell us about the next month or … continue reading →