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Saturday, January 23, 2010


18:30 PST
I've been thinking about this all day. Here's my best shot at the retrace I expect on Monday/Tuesday. Somewhere between 1096 - 1109.72. Even the Andrews pitchfork seems to have become clear to me on this chart.

08:30 PST
It's been awhile since I've felt Elliott Wave would be valuable. But it appears now that P3 may have finally begun and I'm hoping the EW will become less ambiguous from here on out.

The Andrews Pitchfork and the EW count seem to work better in this is chart of the /ES than the SPX, so I'm still a little hesitant to rely heavily on this interpretation.

If this is a wave one and if it finishes at the 1080 level, then the wave ii retrace can be expected to peak somewhere between 38 to 78 percent as shown by the rectangle.

The SPX is not revealing itself quite as well. Here is one possibility
Here are two more forks. If you look closely you will be able to see the previous fork in black.
So it will take a little more time to eliminate the forks that don't fit, but it appears that the tide has turned and the Bears have started a new trend.

Persons Pivots indicated by the shaded retangles is indicating a Bearish trend with 1108 as R2 resistance.

So now let look at some of my favorite indicators. All the charts below will be from the /ESH0.
The M60 Ichimoku gave us a sell signal and the Kumo will now offer resistance near 1115.

The Daily Ichimoku has a Tenkan-sen/Kijun-sen cross, but Price remains above the Kumo where it bounced precisely off of, and
MoneySpy is well below the sell line.

This is Daily Positive Volume Index with a strong sell signal
Also notice the Andrews Pitchforks which have been extended

And finally many of my other favorites. VervoortCrossover and Ehlers Leading indicators on top chart. Both are bearish.
On the bottom chart:
Woodies CCI Continue to hold short
Stochastics - oversold
Multiple Moving Average of the Fish with a glimmer of blue at the bottom.
MACD decidedly Bearish

Well I better leave it here.

Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.

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