This Elliottwave site makes a comparison between the 2007 and 2011 time frame to argue possibly that we are at a similar juncture for a break down as was the case in 2007. Recently I have also done a 2007 2011 comparison with respect to the head and shoulders bottoming formations that were occurring near … Read more
Video (Part 2): Prechter: Ominous Pattern in the DJIA (Note: This interview was originally recorded on September 20, 2010) In the video below, Robert Prechter talks to Yahoo! Finance Tech Ticker host Aaron Task and Henry Blodget about a technical pattern he sees forming in the Dow. Get Up to Speed on Robert Prechter’s Latest … Read more
Elliottwave.com nailed this market turn once again, just as they called the March 2009 lows. They are on top the current market movements and use Elliott wave theory as a market roadmap. Headlines are usually about what happened already, but Prechter’s headline is about what happens next. It goes beyond providing information. Yes, he wants … Read more
In my opinion all the pressure is on the “Bernanke Bulls” for the next 9 trading days as we go into the end of the first quarter. They are going to have to pull off their usual and typical ‘miracle runs’ where they manage to evade resistance levels, evade bearish candlesticks, and evade technical oscillators … Read more
This long term monthly candlestick chart of the Sp500 is quite important. It shows that we are a very important battle line now in this long running debate between new bull market or bear market continuation point. That is exactly where we stand right now according to the chart below. We stand at a point … Read more
Just to provide a little bit more context I think it is good to look at the Russell 2000 support and resistance levels because they are so important for future possible trend direction. When looking at the chart below of the Russell 2000 I try to be as open minded as possible. I realize that … Read more
In hindsight I was much too bearish at on May 20, 2010. The market had already come down very hard and was approaching a retest of the May, 6 2010 mini crash low. The relative strength index was already at 30. I was too emotional and too bearish. I was giving a lot of credit … Read more
So far at mid day in the market we have close to 200 million shares trading on the SPY SPDR S&P 500 ETF. So if that is extrapolated out to 4pm close today we could get somewhere near 400 million shares for the day. If we do get closing volume near that level and we … Read more
Bestonlinetrades has identified what may be a similar pattern structure between the 1929 top and the current sp500 top that is developing. Both market periods developed an ascending broadening wedge that has the potential to be a very bearish resolution type of pattern. In the case of the 1929 top it led to a 47% … Read more
The bounce in the stock market arrived right on schedule today. It was big and dramatic however the volume did start to dry up today and I suspect it will continue to do so during the next 5 to 10 days as we move from a high volatility state to more moderate volatility state. I … Read more