Thursday, June 7, 2012
Going for 1298?
The market continue its rally early morning today and it seems like all 5 waves are in on this A or W1 leg, so now we just need to see how the bearish wave behaves. I favor the area around the 1298 level being tested before resuming another bullish leg. If the market is able to successfully test that area and bounce right back above the Trend Average then we have a good chance of seeing a rally. Obviously, whether is a counter rally or a real rally is anyone's guess at this point. And last but not least, if today's high is the neckline for a potential Inverse Head and Shoulders then we're looking at 1395 as a target.
Thursday, June 7, 2012
USD/JPY ~ Update ~ 7 June 2012
We got a huge rally from the support at 78-78.25ish:
The downtrend channel is broken:
The downtrend channel is broken:
Thursday, June 7, 2012
Elliott Wave Update ~ 7 June 2012
Primary count is that the top of wave [a] of Minor 2 occurred at today's
price high. The price peak represented already a 40% retrace of the
entire decline from 1422 to 1266 SPX. So the evidence is strong that
Minor 2 is occurring.
Minor 2 should normally be a sharp 5-3-5 zigzag up. It certainly has been sharp in the [a] wave. Now we are looking for a [b] wave pullback and then [c] wave to finish Minor 2 up.
Minor 2 should normally be a sharp 5-3-5 zigzag up. It certainly has been sharp in the [a] wave. Now we are looking for a [b] wave pullback and then [c] wave to finish Minor 2 up.
ES Chart analysis
- ES four hour chart trying to stay above the channel resistance line.
- One hour chart above 50 Hour SMA.
- Price sustaining above 50 Hour SMA will help bulls to extend this up move. Falling below 50 Hour SMA will result in a false breakout.
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