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Very nice...
Here's some better targets, as long as DX holds below 94.89 I expect it to bottom in the 93.205 - 92.394 range. I have two different counts I'm tracking and one has some bounces penciled in with a bottom close to $91but the other just drops right down in there to put in a relatively quick V bottom in the range I mentioned, that's my pick by the way.
LOL, well it's finding a bottom now but this pattern is super tough to trade. Don't think it's done yet and could end up very close to $91, I think close to $92, before it's said and done but the pattern is running out of room so we should have a long entry before long.
Damn $60.02 was the low on the day
Trying to make up some ground after those retail numbers
A 59 handle would be a blow to the bulls.
Long TVIX $1.12 stop $1.10
UVXY-long $9.70 stop $9.59
Ending Diagonal: A Pattern That Sends Shivers Down Investors' Spines
Classic technical price patterns become "classic" because they are so often recognizable in financial markets over time.
Classic chart formations include the head-and-shoulders pattern, double top or bottom, triple top or bottom, ascending or descending triangle rectangles and diamonds.
Also consider the Elliott wave pattern called the ending diagonal. Frost and Prechter's Elliott Wave Principle describes this price formation (pp. 37-38):
An ending diagonal occurs primarily in the fifth wave position at times when the preceding move has gone 'too far too fast'. ... In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
A contracting diagonal takes a wedge shape within two converging lines. This most common form for an ending diagonal (in a bull market) is illustrated [below] and shown in its typical position within a larger impulse wave.
This ending diagonal depicts a bull market, while an ending diagonal in a bear market is reversed.
Frost and Prechter continue discussing the ending diagonal:
A rising ending diagonal is usually followed by a sharp decline retracing at least back to the level where it began and typically much further.
With that in mind, look at this great example from the March 2007 Elliott Wave Financial Forecast, showing a textbook ending diagonal from December 2006 through February 2007 and its aftermath.
Tuesday’s violent downward reversal is the exact behavior one should see following the conclusion of an ending diagonal.
Good luck bro, you could be onto something.
Last chance for Oil, all those short should have stops .01 over HOD.
Looking for a move lower ( $2.70) of it can't blow past $3
Was looking at that, could fill the gap back to $23?
At the moment I'm thinking we've started wave 3 higher but I have reason to believe my count may be off by one degree meaning the next pullback may be larger than expected. The last pullback hit the yellow target are and bounced as expected. It looks like we have 5 up and everything is going in the bulls favor except we should be over $3 not messing around with old targets. I'm staying short until I know for sure we're in wave 3 and not just finishing up 1. If this is the start of 3 we should hold $2.90 at all times.
For those long Nat Gas, a new high followed by a pullback to at least $2.908 would be a good thing for you guys. If NG fails to make a new high watch out below IMO.
Below 2090 ES is a very bad sign for the bulls and good for volitility
Listen up guys, I'm long GDX and a ton of miners and want to hedge so I'm doing it with JDST. Started to scale in here with a $6.60 stop.
Once again ES failed to breakout, just a matter of time before bulls give up IMO.
About to get a ES signal we're going lower, (after a bounce)
CL is red and heading for second channel.
Who you telling, $1218 gets us $1225 and $1225 gets us a moon shot.
Cl under $61 and we have our channel break.
Wait a minute, no July. Only June and Sept.
I have them
I have 1218 as a breakout number, don't remember how I got it but it's got to be important.
We need a channel break and it's really done.
I'm still short Oil and Nat Gas. More to follow.