AI
| Followers | 690 |
| Posts | 144963 |
| Boards Moderated | 34 |
| Alias Born | 03/10/2004 |
Friday, March 15, 2013 8:39:23 AM
For those who follow Elliott Wave analysis:
The Bulls Are Running
* Thursday, March 14, 2013
Today, we got the gap up we expected, and just came a point shy of our expected target for today.
As the market continues to climb to everyone's disbelief (other than us here), it seems the bullishness may be getting to that frothy stage. We are now just 4 points shy of the bottom of the target topping range we set months and months ago. In fact, for over a year now, we have been looking forward to this region in the S&P500.
On the smaller time frame 60 minute chart, we see we are likely at the top of wave iii of 5 of (3) of V of 3. This means we are very close to a top, and all we are left with are a series of 4's and 5's. Tomorrow, as long as we remain over 1551ES tonight, I would expect that we attempt to push higher to hit the 1563/64ES region to the top of wave (3), which will likely set us up for a decline into next week for wave (4).
So, for those that are looking to build a short position, the top of wave (3) is a reasonable place to begin, especially since if we are off in our analysis by one wave degree, this COULD be the top before the bigger decline. Although that is not my primary count, I will put it out as the bearish alternative. But, for now, I think it is reasonable to expect one more rally for tomorrow.
See chart illustrating the wave count on the Emini S&P 500.
http://www.decisionpoint.com/TAC/GILBURT.html
George.
Click on "In reply to", for Authors past commentaries.
The Bulls Are Running
* Thursday, March 14, 2013
Today, we got the gap up we expected, and just came a point shy of our expected target for today.
As the market continues to climb to everyone's disbelief (other than us here), it seems the bullishness may be getting to that frothy stage. We are now just 4 points shy of the bottom of the target topping range we set months and months ago. In fact, for over a year now, we have been looking forward to this region in the S&P500.
On the smaller time frame 60 minute chart, we see we are likely at the top of wave iii of 5 of (3) of V of 3. This means we are very close to a top, and all we are left with are a series of 4's and 5's. Tomorrow, as long as we remain over 1551ES tonight, I would expect that we attempt to push higher to hit the 1563/64ES region to the top of wave (3), which will likely set us up for a decline into next week for wave (4).
So, for those that are looking to build a short position, the top of wave (3) is a reasonable place to begin, especially since if we are off in our analysis by one wave degree, this COULD be the top before the bigger decline. Although that is not my primary count, I will put it out as the bearish alternative. But, for now, I think it is reasonable to expect one more rally for tomorrow.
See chart illustrating the wave count on the Emini S&P 500.
http://www.decisionpoint.com/TAC/GILBURT.html
George.
Click on "In reply to", for Authors past commentaries.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
