May 28, 2010

DAX - Brief Elliott wave update

           To be honest, I didn't expect such a fast and sharp acceleration of yesterday's price movement. And that "corrective"  bounce up is on really serious doubt. I expect test at 5905 support and then up to 6031 resistance, where my first target is.

May 26, 2010

DAX - Possible lateral track next weeks in wide range

DAX's reaction last week was very calm comparing it to the rest of the world indexes. DAX is one of the EU indexes which can give a clue for market direction before the others. As you noticed NASDAQ100 refuses to decline as well, and bravely defends its low since 5/6/2010. That also should be a clue for the US indexes.
     I came up with a completed flat correction, where the situation offers clear day trading buy entry.
Good luck!
P.S. Today is the monthly full moon cycle. That usually makes the bulls more aggressive!

May 24, 2010

SP 500-Today is the day

           Today is the 21st trading day of the down swing and I still bet on my bullish scenario and expect important low today. As I see DJIA and NASDAQ100 don't give a support to SPX, which is divergence for me as well. At 1047 the 5th of potential "C" will be equal to 1st by length and it is favored point for reversal.

My expectations on daily chart look promise possible huge lateral track for the next few weeks.Of course the day trading will be preferred. 

May 20, 2010

Sp 500 - Are you ready to cover your shorts, just in case?

         At the beginning of the week the markets recaptured a little bit, but since Thursday they are on their way to test the 05/06/2010 lows. Further I assume that those lows are extremely significant and they should resist. Correspondingly I am quite adjusted bullish, but I know that a test of those lows is necessary to confirm the long term upward trend(potential C wave of a zig-zag, and of course new highs). 
Today a perfect low would be at 1090, when a daily price and time magnet will coincide, completing a zig-zag as 2nd wave.

May 18, 2010

AUD/CHF - Forex

Short opportunity. The pair seems to be ready for at least one more leg down. 

May 16, 2010

Gold - Elliott Wave Update - Shine Time Part II

         The Gold pulled over few more points after first target (1208) I projected in Apr/20/2010. After short break the price went to uncharted territory and marked new high. Reaching all time highs, the price action didn't show any violent counter reaction. All the setups show that gold has not reached its overriding targets yet. The daily setup puts out the important mark of 1205-1207 where gold should fall onto maximally this week, and will set up a new buy entry.
The 1205-1207 support zone seems to be very strong. That's why I think gold is on its way to another rise. Next closer target is around 1275-1280. 
As we see the price was stopped by the main 1*1 Gann Angle again. Next (final) test, and reaching the final 1320 target probably will be in June- little earlier than I expected in my last posts, due to the acceleration. Be prepared to buy any dip. Good luck!  

May 15, 2010

SP 500

I still favor higher prices into late July or early August. The recent decline went much further then I expected and setup the perfect long entry. One more bearish"zig-zag", and testing the previous Thursday low is  possible as well.

I tried to  apply the Fibonacci model on the daily SP 500 chart, and got some results.

I still got bullish bias about SP500 until the price action prove the opposite.

  You know .......that's life , that's what all the people say
                                    You're "buying" high in April, "short" down in May
                                    But I know I'm gonna change that tune
                                    When I'm back on top, back on top in June............................

Enjoy the weekend.

May 13, 2010


         Probably the sugar is rolling over for upward correction. Since February 2010 top the commodity has dropped down in five completely clear waves. And they look completed for now.
         We need to see breaking the main resistance at 17.74 in five waves to have buy signal, of course after brief  test the support/resistance at 15.50.  Be prepared.