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Trading Strategies
US Gold CFD: 1659
Day Trading
TradingLevels: The support on the MediumLevel is developing and a move to 1672 is likely, the resistances are still Subgroup2 SG2 1665|1672|1680
Elliott wave: There is a case for a ending diagonal triangle developing in the trend, however we must take into consideration that the price is simply being skew by the MediumLevel.
Local stock NCM has developed a small impulse wave (five waves) up off 30.00 (TL3) as support, TRY has a large triangle pattern above 4.00 MediumLevel
Silver: Has good support on 30.00, stops either under 30 or under the SG2 2972 (eg 2963) The 61.8% retracement level is 3200 and probable target, however you’re in Minor Group1 so you know the 31.00 is the first resistance, you can also use the sublevels if your trading shorter time frames.
Oil WTI: 100
Day Trading:
TradingLevels: The second retest is underway and the move down testing 100 require time to unfold, we need to see if it’s corrective or impulse, if corrective the price should stay above 99 the 618% retracement level, so basically it just a matter of observing the unfolding price pattern around the 100 to see if it becomes the support or resistance and then take the trade long or short from there once you can see it.
Elliott wave: The wave count on our chart has the move up from 98 to 102 as a wave two rally; however the pattern going up looks more like an impulse wave, this is why it’s important to just allow time for the current retesting price on the 100 play out. The US Indices will also have a guiding hand in Oil direction so the wave count for the SP500 should be observed too and just to add a little more the base metals tend to support Oil as well and they are looking positive as we can see in the US BHP
Base Metals
US Spot Prices (in l/b)
US Copper: Last: 3.73+
US Nickel: Last: 8.81-
US Zinc: Last: 0.90+
US Aluminium Last: 0.97-
Copper CFD: 374
Technical Analysis
Copper continues its line up nicely in a wave three, its tussling with the 372 (SG2) as would be expected and looking at the waves in the structure up the perspective would see the prices at 400 the MediumLevel which of course is great for our long trades in the Materials sector and the AUD
Forex
US Dollar: 80.50
Technical Analysis
TradingLevels: It appears from the impulse wave down we are going to see a larger corrective pattern at 80.00 TL8 Major TradingLevel
Elliott Wave: The move down from 82 is an impulse wave (five waves) so once its completed expect a abc rally then another five wave down to 80…
EURUSD 1.2850
TradingLevels: The old high is SG2 12872 zone is also the resistance again, because of the five waves up from the last low 12625 area, the US Dollar also has five waves down
Elliott wave: The Impulse wave up from 12625 last low can be Wave C of 4 or a new positive uptrend is starting, so the five waves up can be a Wave 1 if this is correct then expect and abc correction down into the 128 and lower before moving up, if the top is a Wave C of 4 then we will see an Impulse wave down making new lows under the 1.26
Day Trading: allow the current high to pull back into the 128 let’s see if it’s a abc or impulse pattern, then we will know the next trend direction, I would expect it to run up on the back of the next ECB meeting
Strategy, the trend is moving up, so trade the sublevels up, support on 1.2850 is the next step, if support is found then take part profit at 12865 and the rest at 12872, if the 12872 becomes support move back in and add on 12880 support trade to 129 exit
AUDUSD 1.04
TradingLevels: The price is still developing supports, the current support is in SG2 the 10372 zone however you need the 104 as support, there should be another push higher to 10472 area a new high at least
Elliott wave: The wave four on 104 is very messy, be patient and wait for definite support on 104
Day Trading: when 104 support is in place scale in and build the position through SG1 of 104 take at least 50% profit at the Midpoint then wait for support and then exit at 10472
The flipside if the price finds resistance at 10372 then the wave count is wrong.
Indices
"We are still waiting on potential reversal lower on S&P". And if we take a look once again on the 4h chart, we can see that the upward move is just awful, full of overlaps within parallel trend lines. Clearly, a recovery is running out of strength, so we must be prepared for potential bearish reversal but before that occurs; prices can still test higher resistance.
Dow Jones CFD 12,550
Technical Analysis
TradingLevels: prices are edging higher in the impulse wave up and a new high should be made. The price now needs to stay above the 12400 otherwise the bias would change from positive to negative and sure there are prices above the 12400 that can create a negative bias but the 12400 is the main one as it’s the 618% retracement level of the impulse wave up from 12300, I have taken the 618 from the 12600 allowing for a new high to complete the structure
Elliott wave: The impulse wave that we have been observing from the 12300 is now in its fifth wave, so we can expect weakness from any new high under the 12600 such as SG2 12572|12580
Day Trading: Allow a session for wave four to complete and then find support back above 12500 for a the next long trade
S&P500 CFD: 1305
TradingLevels: The price is back above 1300 this is a positive, however its still only part of the dance across the floor 1300, expect he first sublevel of SG1 1310 to be the resistance which will look to retest 1300 checking for support?
Elliott Wave: The four chart shows the ending triangle, on the flip side the top of group1 can cause this type of resistance, so just keep this in mind and also include the tradinglevels, that is allow the price time to vibrate at 1300 for a week as it’s still early days at this number
Day Trading: a small retest of 1300 from the 1305/8 or even 1310 and finding support on 1300 can offer the base for the upside but you will need to read that play as it unfolds
FTSE 100 CFD: 5670
TradingLevels: The price is creeping back above the 5700 I still like the 5772 5800 target, the next ECB meeting is the important timing element, I can’t remember off the top of my head when that is, but I will check today, but that is part of the reason for the trend up
Current support is the SG2 5672 zone.
Elliott wave: Once the wave four correction at 5700 is completed then wave five up. The 5720 (72) is a subtle resistance and the 5772 and 5800 are then more real resistance and target points
Day Trading: the SG1 above 5700 is where to scale in, the 72 – 5720 is the pivot and the 5730 as retested support is the lift off point for the 5772 target, the midpoint will also experience supply
SPI CFD 4240
Technical Analysis
TradingLevels: Support on 4200 is in place the SG2 4265|4272|4280 is the resistance the 4272 is the key price point, there is also an overhead trend line as resistance through this area. The 4300 is obviously a target, it is the top of MinorGroup1 and support on this level creates the break away from 4000 and puts the target at 4500. As Gann would say it’s the fourth time that the price would break through and this would be this time.
Elliott wave: Unsure of the wave count, however what I do know is that the waves up are impulse waves with corrective wave patterns to the downside so there is a trend established.
Day Trading: Continue to trade long using the sublevels, today you would need 4250 as support. Thursday can open higher and trade lower.
11:30am AUD ANZ Job Advertisements m/m 0.0%
11:30am AUD Home Loans m/m 1.1% 0.7%
Technical Analysis
The Dow, we have been observing the impulse wave (five waves) up from 12300 which should be about completed, yes it can push higher to complete the five waves into 12,600 but expect some weakness now that the five waves are nearly finished, that said the trend is up and only if the price trades below 12,400 can we call in a negative bias.
These days the US doesn’t affect the local ASX as much as it did in regards to the general trend, it does have an impact day to day as it’s the last closing price and yes financial events send waves around the globe and more so these days, especially when markets have lost their identities in fear or greed. So we are currently paying more attention to copper and the Shanghai, copper should continue to move up to 400 it will however correct in SG2 zone first we can see US BHP moving up nicely so the Materials sector is driving our ASX, the local banks are over exposed the local property market that is their weakness, so they aren’t going to be much help in this uptrend, as its normally the finance sector that’s leads up from a previous down trend and CBA is not doing that. Any way I reckon it’s the Shanghai market that we need to observe the most and if the price can find support on the 2300 the top of Group1 then that’s the supporting factor for long trade in Resources
Weekly Bullish Cycle, Thursday opening higher and trading lower, if this is the case and the price does trade lower in the afternoon then look at the volume, if the price is moving down and the volume is diminishing then this it’s the best place to buy in the week with Thursday Opening the best place to sell in the week, however we should look to scale in around this timing, such as adding to positions on Friday morning and afternoon if the price is up and the volume is up with a stronger Friday closing is best, then profit taking Tue morning and Wed afternoon, you can also use other countries to hedge to lessen the risk etc.
Trading Quote
Success seems to be connected with action.
Successful people keep moving.
They make mistakes, but they don't quit.
Today's Financial Events
Time Currency Detail Forecast Previous
8:45am NZD CPI q/q 0.4% 0.4%
11:00am AUD MI Inflation Expectations 2.4%
11:30am AUD Employment Change 10.3K -6.3K
11:30am AUD Unemployment Rate 5.3% 5.3%
1:00pm CNY CB Leading Index m/m -0.1%
Tentative CNY Foreign Direct Investment ytd/y 13.2%
8:00pm EUR Current Account 0.5B -7.5B
8:00pm EUR ECB Monthly Bulletin
12:30am CAD Manufacturing Sales m/m 0.9% -0.8%
12:30am USD Building Permits 0.68M 0.68M
12:30am USD Core CPI m/m 0.1% 0.2%
12:30am USD Unemployment Claims 389K 399K
12:30am USD CPI m/m 0.2% 0.0%
12:30am USD Housing Starts 0.69M 0.69M
2:00am USD Philly Fed Manufacturing Index 11.3 10.3
2:30am USD Natural Gas Storage -95B
NOTES:
1. Check the ASX Dividend & Reporting section in the Member area before trading.
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.
Showing posts with label Elliott Wave Trading. Show all posts
Showing posts with label Elliott Wave Trading. Show all posts
Thursday, 19 January 2012
Friday, 23 December 2011
Elliott wave
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Elliott wave
Dow Jones 12,087 +2.73%
Base Metals Positive
US Gold CFD: 1630
Oil WTI CFD: 97.30
Copper CFD: 336
US Dollar CFD: 80.20
EURUSD 1.3080
AUDUSD 1.0070
Dow Jones CFD 12,075
S&P500 CFD: 1238
FTSE 100 CFD: 5428
SPI CFD 4080
CFD Commodities
US Gold CFD: 1630
The move above 1600 helps clear up structure and target to the 38.2% at 1630 of course take this target with a pick of salt, lets allow the wave c of (iv) play out the wave c will have five wavesSliver has not made a new high and is likely to stay under the 30.00 TL3, this also make silver weaker but we knew this already and is the preferred shortOil WTI CFD: 97.30
Stocks and commodities are in their later stages of rally, there is more upside that should complete next session. The supply zone here is the MinorLevel 98.00 and the 61.8% retracement of the last trend, the 96.50 can develop as the interim support. Day trader can also work with 97.20 and 97.72Base Metals
US Spot Prices (in l/b)
US Copper: Last: 3.34+
US Nickel: Last: 8.46+
US Zinc: Last: 0.84+
US Aluminium Last: 0.88+Copper CFD: 336
The 61.8% retracement level is up near the 350 and we have to consider this as support has developed on 330 the top of Group1. We can see from the US Indices that there is more upside to play out the structures are two thirds completed and all of these markets are moving together, so copper should complete its rally between the 340 and 350 a guess would be 344 the pattern is an abc corrective rally and the price is in wave c which has five waves and within that it’s at the top of iiiForex
US dollar sharply lower across the board, as stocks drift higher as Housing Starts rise much higher than expected, up 9.3% in November. Many pairs are approaching their critical levels on the 4h charts; Usd/Chf lower, Cable higher and so on..... All eyes on the Aud/Usd now for even higher levels, as S&P shows more and more evidences of a low. A bullish close on the Wall Street today will be a confirmation.
US Dollar CFD: 80.20
The first high above the level (above 80) is in place, this is part of the bigger picture unfolding, the move down from the high above 81.00 is part of the corrective pattern and we have to work out what types of pattern and size. The first thing we can look at is the short term and we can look to the US Indices, we can track the wave count up for the DJ and SP to get some idea of what will happen here. Current he price is sitting above 80 but the time this session is over the price will probably break this support and move lower, the current move down firstly needs to be understood as five wave or three waves, if we get five waves down then after a abc rally there will be another five waves down making a larger ABC down a 5-3-5 Zigzag Elliott wave pattern. For the end of this session the price will stick to 80 and edge down, we will look at the wave structure so far in the video and trading any currency you could also use what is occurring here around 80 and the US Indices to get a feel for the market
EURUSD 1.3080
TradingLevels: From a tradinglevels perspective the current pattern at 131 is an ‘Overshoot’ pattern, simply meaning the price did not react a 131 on arrival it over shot it and the distance it overshot is the distance it will roughly fall back this is normally the first of more swings and the point being is that once it stops swinging and finds the 131 as support or resistance is where you pick up the direction, the swings will diminish into 131. The Elliott wave has an ending structure just above the 131, however you can use the tradinglevels to confirm and position your trades in a much safer way, it is nice to have the Elliott and the levels in the same direction, however when it comes to putting money down you are safer working off the levels as support or resistance because you are working with the volume and the psychology
Elliott Wave: Wave (iv) should be completed now above the 131 however the US Indices have further to push up…
Trading Strategies: if you were long on the 13030 SG1 then you have caught the trend up, but you would have also scaled out at SG2 and 131… and now waiting to see if the Wave (iv) is completed or is there further upside, either way you would monitor the unfolding price action across 131 to develop as support or resistance, if it is support then use SG1 if its resistance use SG2AUDUSD 1.0070
TradingLevels: expect to see a series of wave fours and fives play out across 1.01 today
Elliott Wave: counting an impulse wave up, I will outline this on the 5 minute chart in the video. The larger degree of Wave (D) of IV can be completed but let’s first see if the move up develops as a larger impulse wave or corrective, the main point is to trade the current structure up
Trading Strategy: A very clear impulse structure has emerged, once you understand the pattern and the levels you can trade with it, I will outline the path in the videoIndices
Dow Jones CFD 12,075
Technical Analysis
TradingLevels: The price work across both sides of 12,100 which is also the 61.8% retracement level of the move down from the 9th Dec, the Dow can rally higher to 12,200 as the Elliott wave structure up is suggesting, the SP500 resistance is 1250 a 72% rally if this becomes support then we have a larger structure up
Elliott Wave: The bounce of 1,200 for the SP500 came in on cue which in turn is the 11,800 for the Dow, we can work out the internal structure up but what does need confirming is working out is it a corrective rally or will new highs be made to 12500+. As you know we are working both wave counts bullish and bearish, I know this is not helpful as such, but we really do have to sit and wait for clarity in the structure
Trading Strategy: If your long above 11,772 then well done and wait for the price pattern to unfold at 12,100 that should be the top of a wave three so a wave four across 12,100 with another push higher into 12172. Locking is some profit here at 12,100 is sensible.S&P500 CFD: 1238
TradingLevels: Well the rally sure did come in quick based of US housing data, the current price 1235 is at the 50% retracement level of the Dec 9 drop, it can fail from here, but we should expect a little more upside to 1250, however, support must be found on top of SG1 1230 before 1250 can be viewed. Another point is that all the supply (sellers) start above 1230 so what you have seen over night is not what you’re going to get now, if the market is going to move up it will creep and short trades can be looked for soon
Wave count: Working the two structures still until the medium pattern becomes clear, the move up can be a corrective rally or wave 1 of a larger five wave structure, so keep all trading in the sublevels
Trading Strategies: expecting a move down to 1230 as wave four then a push higher for wave five, the resistance is 1250 these are sublevels, there are MicroLevels if your day trading.FTSE 100 CFD: 54.28
TradingLevels: The rally up has been quite strong but it has not rally as far as the US indices in relationship to the last highs in early Dec.
Elliott Wave: The rally up is developing into an impulse wave (five waves) the current prices are near the top of wave three, you should be able to count this up, so wave four and five to go then a corrective pattern down abc?
Day Trading Strategies: day trading the sublevels with the understanding of the wave count
SPI CFD 4080
Technical Analysis
TradingLevels: The FSTE and the SPI have not rallied as far as the US Indices, that is the relationship to the previous highs, not that this is a big deal, it just points out the weakness of the FSTE and the SPI markets.
Elliott Wave: The Triangle pattern mentioned yesterday and the supporting trendline seem to be in tune with the bounce off the SP500 1200 61.8% support. The current move up is developing nicely as an impulse wave and should the SPI should move to 4150 where the resistance basically starts
Day Trading Strategies: The SG2 {4065|4072|4080} played out nicely. The SG1 of 4100 {4110|4120|4130} will try and hold the price to 4100, if the price finds support on top of SG1 4130 then you can trade to the Midpoint 4150 exit and wait for support to move back in.Summary
Nice intraday impulse wave up across markets,, the move was off the 1,200 61.8% retracement level of the SP500 the catalyst news was the US house stats. The impulse wave up in most cases in just over two thirds complete.
The unanswered question is still the medium term view or the Minor Wave within the Elliott structure about the market being bullish or bearish.
The Bullish structure would count like this; the impulse wave last night that is not completed yet would make wave (i) of a larger five wave structure up, which would take the Dow above 12,500…
The Bearish structure would keep the current December highs in place.Weekly bullish cycle can see Wednesday with the weekly high or rather its Thursday that Gaps open then trades down for the day, creating the weekly high. The Wednesday is more of a V shape trading day with higher close.
Trading QuoteTechnical Analysis is the religion of trading - TradingLounge
Today's Financial Events
Time Currency Detail Forecast Previous
8:45am NZD Current Account -0.92B
8:45am NZD Visitor Arrivals m/m -7.8%
10:30am AUD MI Leading Index m/m -0.3%
10:50am JPY Trade Balance -0.28T -0.46T
1:00pm NZD Credit Card Spending y/y 7.9%
Tentative JPY Monetary Policy Statement
Tentative JPY Overnight Call Rate <0.10% <0.10%
Tentative JPY BOJ Press Conference
6:00pm EUR German Import Prices m/m 0.6% -0.3%
Tentative EUR Italian Prelim GDP q/q 0.0% 0.3%
8:30pm GBP MPC Meeting Minutes 0-0-9 0-0-9
8:30pm GBP Public Sector Net Borrowing 13.5B 3.4B
12:30am CAD Core Retail Sales m/m 0.4% 0.5%
12:30am CAD Retail Sales m/m 0.4% 1.0%
1:00am EUR Belgium NBB Business Climate -11.1 -12.2
2:00am EUR Consumer Confidence -21 -20
2:00am USD Existing Home Sales 5.04M 4.97M
2:30am USD Crude Oil Inventories -1.9M
Tentative USD Treasury Currency Report
NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.
Free Stuff on Technical Analysis is available on TradingLounge.com.au site!
Click Elliott wave to watch video on youtube:- http://youtu.be/m9l1MmOJIto
Elliott wave
Dow Jones 12,087 +2.73%
Base Metals Positive
US Gold CFD: 1630
Oil WTI CFD: 97.30
Copper CFD: 336
US Dollar CFD: 80.20
EURUSD 1.3080
AUDUSD 1.0070
Dow Jones CFD 12,075
S&P500 CFD: 1238
FTSE 100 CFD: 5428
SPI CFD 4080
CFD Commodities
US Gold CFD: 1630
The move above 1600 helps clear up structure and target to the 38.2% at 1630 of course take this target with a pick of salt, lets allow the wave c of (iv) play out the wave c will have five wavesSliver has not made a new high and is likely to stay under the 30.00 TL3, this also make silver weaker but we knew this already and is the preferred shortOil WTI CFD: 97.30
Stocks and commodities are in their later stages of rally, there is more upside that should complete next session. The supply zone here is the MinorLevel 98.00 and the 61.8% retracement of the last trend, the 96.50 can develop as the interim support. Day trader can also work with 97.20 and 97.72Base Metals
US Spot Prices (in l/b)
US Copper: Last: 3.34+
US Nickel: Last: 8.46+
US Zinc: Last: 0.84+
US Aluminium Last: 0.88+Copper CFD: 336
The 61.8% retracement level is up near the 350 and we have to consider this as support has developed on 330 the top of Group1. We can see from the US Indices that there is more upside to play out the structures are two thirds completed and all of these markets are moving together, so copper should complete its rally between the 340 and 350 a guess would be 344 the pattern is an abc corrective rally and the price is in wave c which has five waves and within that it’s at the top of iiiForex
US dollar sharply lower across the board, as stocks drift higher as Housing Starts rise much higher than expected, up 9.3% in November. Many pairs are approaching their critical levels on the 4h charts; Usd/Chf lower, Cable higher and so on..... All eyes on the Aud/Usd now for even higher levels, as S&P shows more and more evidences of a low. A bullish close on the Wall Street today will be a confirmation.
US Dollar CFD: 80.20
The first high above the level (above 80) is in place, this is part of the bigger picture unfolding, the move down from the high above 81.00 is part of the corrective pattern and we have to work out what types of pattern and size. The first thing we can look at is the short term and we can look to the US Indices, we can track the wave count up for the DJ and SP to get some idea of what will happen here. Current he price is sitting above 80 but the time this session is over the price will probably break this support and move lower, the current move down firstly needs to be understood as five wave or three waves, if we get five waves down then after a abc rally there will be another five waves down making a larger ABC down a 5-3-5 Zigzag Elliott wave pattern. For the end of this session the price will stick to 80 and edge down, we will look at the wave structure so far in the video and trading any currency you could also use what is occurring here around 80 and the US Indices to get a feel for the market
EURUSD 1.3080
TradingLevels: From a tradinglevels perspective the current pattern at 131 is an ‘Overshoot’ pattern, simply meaning the price did not react a 131 on arrival it over shot it and the distance it overshot is the distance it will roughly fall back this is normally the first of more swings and the point being is that once it stops swinging and finds the 131 as support or resistance is where you pick up the direction, the swings will diminish into 131. The Elliott wave has an ending structure just above the 131, however you can use the tradinglevels to confirm and position your trades in a much safer way, it is nice to have the Elliott and the levels in the same direction, however when it comes to putting money down you are safer working off the levels as support or resistance because you are working with the volume and the psychology
Elliott Wave: Wave (iv) should be completed now above the 131 however the US Indices have further to push up…
Trading Strategies: if you were long on the 13030 SG1 then you have caught the trend up, but you would have also scaled out at SG2 and 131… and now waiting to see if the Wave (iv) is completed or is there further upside, either way you would monitor the unfolding price action across 131 to develop as support or resistance, if it is support then use SG1 if its resistance use SG2AUDUSD 1.0070
TradingLevels: expect to see a series of wave fours and fives play out across 1.01 today
Elliott Wave: counting an impulse wave up, I will outline this on the 5 minute chart in the video. The larger degree of Wave (D) of IV can be completed but let’s first see if the move up develops as a larger impulse wave or corrective, the main point is to trade the current structure up
Trading Strategy: A very clear impulse structure has emerged, once you understand the pattern and the levels you can trade with it, I will outline the path in the videoIndices
Dow Jones CFD 12,075
Technical Analysis
TradingLevels: The price work across both sides of 12,100 which is also the 61.8% retracement level of the move down from the 9th Dec, the Dow can rally higher to 12,200 as the Elliott wave structure up is suggesting, the SP500 resistance is 1250 a 72% rally if this becomes support then we have a larger structure up
Elliott Wave: The bounce of 1,200 for the SP500 came in on cue which in turn is the 11,800 for the Dow, we can work out the internal structure up but what does need confirming is working out is it a corrective rally or will new highs be made to 12500+. As you know we are working both wave counts bullish and bearish, I know this is not helpful as such, but we really do have to sit and wait for clarity in the structure
Trading Strategy: If your long above 11,772 then well done and wait for the price pattern to unfold at 12,100 that should be the top of a wave three so a wave four across 12,100 with another push higher into 12172. Locking is some profit here at 12,100 is sensible.S&P500 CFD: 1238
TradingLevels: Well the rally sure did come in quick based of US housing data, the current price 1235 is at the 50% retracement level of the Dec 9 drop, it can fail from here, but we should expect a little more upside to 1250, however, support must be found on top of SG1 1230 before 1250 can be viewed. Another point is that all the supply (sellers) start above 1230 so what you have seen over night is not what you’re going to get now, if the market is going to move up it will creep and short trades can be looked for soon
Wave count: Working the two structures still until the medium pattern becomes clear, the move up can be a corrective rally or wave 1 of a larger five wave structure, so keep all trading in the sublevels
Trading Strategies: expecting a move down to 1230 as wave four then a push higher for wave five, the resistance is 1250 these are sublevels, there are MicroLevels if your day trading.FTSE 100 CFD: 54.28
TradingLevels: The rally up has been quite strong but it has not rally as far as the US indices in relationship to the last highs in early Dec.
Elliott Wave: The rally up is developing into an impulse wave (five waves) the current prices are near the top of wave three, you should be able to count this up, so wave four and five to go then a corrective pattern down abc?
Day Trading Strategies: day trading the sublevels with the understanding of the wave count
SPI CFD 4080
Technical Analysis
TradingLevels: The FSTE and the SPI have not rallied as far as the US Indices, that is the relationship to the previous highs, not that this is a big deal, it just points out the weakness of the FSTE and the SPI markets.
Elliott Wave: The Triangle pattern mentioned yesterday and the supporting trendline seem to be in tune with the bounce off the SP500 1200 61.8% support. The current move up is developing nicely as an impulse wave and should the SPI should move to 4150 where the resistance basically starts
Day Trading Strategies: The SG2 {4065|4072|4080} played out nicely. The SG1 of 4100 {4110|4120|4130} will try and hold the price to 4100, if the price finds support on top of SG1 4130 then you can trade to the Midpoint 4150 exit and wait for support to move back in.Summary
Nice intraday impulse wave up across markets,, the move was off the 1,200 61.8% retracement level of the SP500 the catalyst news was the US house stats. The impulse wave up in most cases in just over two thirds complete.
The unanswered question is still the medium term view or the Minor Wave within the Elliott structure about the market being bullish or bearish.
The Bullish structure would count like this; the impulse wave last night that is not completed yet would make wave (i) of a larger five wave structure up, which would take the Dow above 12,500…
The Bearish structure would keep the current December highs in place.Weekly bullish cycle can see Wednesday with the weekly high or rather its Thursday that Gaps open then trades down for the day, creating the weekly high. The Wednesday is more of a V shape trading day with higher close.
Trading QuoteTechnical Analysis is the religion of trading - TradingLounge
Today's Financial Events
Time Currency Detail Forecast Previous
8:45am NZD Current Account -0.92B
8:45am NZD Visitor Arrivals m/m -7.8%
10:30am AUD MI Leading Index m/m -0.3%
10:50am JPY Trade Balance -0.28T -0.46T
1:00pm NZD Credit Card Spending y/y 7.9%
Tentative JPY Monetary Policy Statement
Tentative JPY Overnight Call Rate <0.10% <0.10%
Tentative JPY BOJ Press Conference
6:00pm EUR German Import Prices m/m 0.6% -0.3%
Tentative EUR Italian Prelim GDP q/q 0.0% 0.3%
8:30pm GBP MPC Meeting Minutes 0-0-9 0-0-9
8:30pm GBP Public Sector Net Borrowing 13.5B 3.4B
12:30am CAD Core Retail Sales m/m 0.4% 0.5%
12:30am CAD Retail Sales m/m 0.4% 1.0%
1:00am EUR Belgium NBB Business Climate -11.1 -12.2
2:00am EUR Consumer Confidence -21 -20
2:00am USD Existing Home Sales 5.04M 4.97M
2:30am USD Crude Oil Inventories -1.9M
Tentative USD Treasury Currency Report
NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.
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