Friday, June 8, 2012
Trend is confirmed bullish
The market seems like it is trying to put in a 5th wave but it is impossible to tell. What is clear at the moment is that the trend is bullish and the market will probably try to test the trend average on the next correction. The higher it goes the less likely 1298 will be re-visited so we'll see early next week if we get that right shoulder on the potential Inverse Head and Shoulders. One interesting factor during these past few weeks is the lack of panic among traders, the VIX has not come close to the levels seen last summer which helps support the case of a correction within a bull market. So no need to find the trend.. I've been long for a few weeks and will start shorting only to hedge once we start seeing buying mania again (and mark my words, those days are coming again.. they always do).
Have a great weekend!
S&P 500 Analysis after closing bell
- Weekly candle nearly missed a bullish engulfing pattern.
- Week candle shows crucial resistance levels at 1334 and 20 week SMA.
- Falling wedge breakout looks intact Bulls need to break 1334 to extend gains.
- Above 1334 spx may touch 1357 levels.
Friday, June 8, 2012
Elliott Wave Update ~ 8 June 2012
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<------------Just click on the link to the left (EWI), become a FREE CLUB EWI member (it really is free, no hassles), and get access to a lot of free EWI material. This month they are offering a full issue of Financial Forecast (a monthly newsletter). I highly recommend it for those that are not club EWI members.
DISCLOSURE: I get $3 for signing people up to be a CLUB EWI member if you do it through my links. I then get a small commission if you decide at any time to subscribe to one of their newsletters or other services. I currently subscribe to 4 services; the monthly Financial Forecast, Elliott Wave Theorist, and The Socionomist; and the Short Term Update (Posted every Mon - Wed - Fri).
ORIGINAL POST
Today's wave action is just what we'd expect for a [b] wave. We have to
keep on our toes as the [b] wave may be too short in time and will
not finish until next week. [b] wave can take the form of a flat,
zigzag or triangle. So far we have a 3 wave zigzag from [a] to [b]. But
that zigzag may only be wave (a) of [b].
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