News 
Market Data 
Discover
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.
Interesting area we're in right now on the daily line chart. Really nice confluence for potential strong resistance.
Time will tell...I'm patiently waiting. 
I really should have had this pegged the whole time on the end target area. This is a Wave 4 TDI movement on the UJ weekly and Wave 4 almost always move back up to between the 61.8 and the 71.6 fib, with the 71.6 fib getting hit the majority of the time.
Hey Kirby. Watch EU carefully. I still suspect that this is just a Wave D finishing movement before it takes off north again hard. Usually, one of the 3 wave movements can overthrow the trendline, making it look like it's gonna keep going right before it pulls a hard reversal the other direction.
UJ 4 Hour Update
Capitulation candle going on here with a trendline overthrow. Key sign that the market has gone way too far. Time to double down on the shorts.
UJ 4 Hour Chart
Yellen did go ahead with the 25 basis points...fair enough. UJ is still cycling within the final movement up inside the 4 hour line chart channel here.
Final surge going on now...
The Fed's Magic Act
And so we come to it tomorrow...the big day the market has been waiting on for the year-end Fed announcement.
The entire market has priced in a 100% chance of a 25 basis point hike...literally. That's all the analysts talk about. They also say it'll be a ho-hum moment and that all they're really gonna look at is the statement after the announcement when she speaks at the press conference.
But the EU and UJ charts tell us something different. Those 2 charts are telling us that we're due for some kind of shock reversal on both pairs.
So the question is...what could cause such a shock? It certainly isn't the 25 basis point increase everyone expects, although the "buy the rumor, sell the news" story could kick into play. But that really wouldn't be that volatile.
You see, Yellen's back is really against the wall here. Every country out there is doing nothing but cuts...watering down their currency by cutting rates. Yellen really doesn't want to be the only kid on the block raising rates and risking the US dollar going even higher because she knows that's counter productive. But, she doesn't want to stop the stock market rally either.
Currently, the US dollar and the stock market have gone up together, which is unnatural. They should have an inverse relationship...market up, dollar down and vice versa.
So how does she pull a rabbit out of the hat and keep the market up and tank the dollar? What if...just what if...she pulls a shocker and only raises rates by 1/8 of a percent...only 12.5 basis points instead of 25. Or, better yet, what if she really throws em a curve ball and holds steady with NO RATE INCREASE. Now that one would severely tank the dollar and the market would love the idea of a further free ride...thus effectively killing 2 birds with one stone.
Of course, it doesn't have to be Yellen...the shock could come from another source. But I'm really wondering at this point if things won't go very differently tomorrow than what literally 100% of the analysts are all saying.
Time will tell...just putting in my humble opinion as always.
EU weekly pivot turned it 
pivot turned it
EU Weekly Chart
Nothing has changed here so far. Still expecting the move back north again very soon.
DOW Jones Long Term Outlook...Correction
I just realized I posted an incorrect wave count on the DOW Jones chart. This chart shows the corrected version. Basically, we're wrapping up a large 5th wave expanding diagonal. The expanded flat I mentioned in the first post ended in a C wave down during the last recession.
So the sell off, when it comes, will ultimately break the expanding diagonal you see on the chart to the down side. The down side target is still down around 1000...maybe less.
UJ Weekly Chart with Ichimoku Cloud
I remember seeing this a while back and though I'd throw it out there since several of us are watching UJ. I don't use the cloud much anymore but I still glance at it from time to time.
Basically, the last big sell off on UJ caused the cloud to flip over to bearish and thicken out...that provides a really big resistance level to get through and the chances of UJ breaking through this level, combined with the 61.8 retrace, are slim to none.
No problem. Simple introduced the line chart concept to us a long time ago and then Jav made a post about a guy who was using the line charts in a unique way to trade. I just incorporated it in with my other trading methods and it seems to work well. Just another good tool in the box.
One more view of the UJ 4 hour chart using the original line chart I had set up, including a wedge pattern on the top...it also shows a final topping process with a retest of the broken trend line.
And here's the UJ 4 hour chart showing the final channel 5th wave progression...it falls right in that area as well.
If we back off of the daily chart a bit, it looks like things are still gonna be wrapping up pretty soon here on UJ. We have the overall 61.8 fib retrace sitting at 115.519 and that's just below a long term prior support level now turned resistance at 116.03.
UJ is very likely to hover until the Fed announcement Wednesday where I strongly suspect it'll just be one of those "buy the rumor, sell the news" deals. A 25 basis point increase has long since been priced in on the dollar rally.
UJ Daily Chart...
DOW Jones Long Term Chart Outlook
Well gang, it's been a long time coming but the market is finally moving up into the ecstatic "it's gonna go up forever" mentality again. Retail is finally bullish again on the overall market perspective and we've got crazy calls coming out about DOW 25,000, etc...same old garbage we always see around long term tops.
Looking at the longer term charts, the DOW has moved into the 2nd leg of a larger corrective series called an expanded flat in Elliott Wave terminology. These are tricky waves because each leg actually extends beyond the starting point of the previous wave leg. So Wave B extends itself out and the final Wave C extends itself beyond the previous Wave A peak, either up or down.
In this case, the last big recession saw the market complete a 5 wave series to the downside. Now, we're in the final throws of a large 3 wave correction topside that made new all-time highs. The next leg down is gonna be seriously ugly though. Since the C wave down has to extend beyond the previous lows, that means the previous lows around 6000 are gonna get smack-gobbered. The market could actually work it's way all the way back down to 1000 or less...yes, you heard that right...1000 or less. Basically, all of the wealth accumulated in the market since the early 70's would vanish.
But, after all of that nonsense is over with, we're gonna embark on a new bull-market that will last for many years. Hyper-inflation, massive upside gold prices, etc...you get the idea.
Here tis...
UJ 4 Hour Chart
Nice rejection here on the 4 hour line chart. I took another short position right at 114 in anticipation of this.
The standard 4 hour candle chart also looks like it's ready to break down as well.
Yep, I had one over a week ago I posted on EU but here it is again as it stands now Jav. The Elliott wave count pattern suggests that EU is headed back up to the top trend line to complete the final "E" wave in a large Wave 4 consolidation pattern. After that, it's likely to fall apart and head down to just below parity...somewhere around .9980. After that, it's due for a long term bounce back up.
EU Weekly Chart...
