DAX - Elliott Wave Update

     In Friday DAX closed within the target (6754), that I offered in my post in the late July. 
Very interesting lines crossing has occurred when conecting few tops and bottoms, whose spot is going to be next few days. Usually around such  spots the price turns. 
    According to the current count (4)th and(5)th waves are still expected. Probably the (3)th wave is not finished yet. Don't reckon on sell off, becuse the lowest "alowed" price level acording to the scenario is 6550.   The long term trend is up, and  shorting the market on daily base is risky and no preferable. Lower time frames will be suitable for daytrading.

Good luck!

GOLD Elliott Wave Update

People will say that all greed in the world has bought gold, and continues buying it, like in "The gold rush".

 The gold rush during the 3th waves looks like madness spread among the people. No one cares about falling prices, and they are right, we are in the "gold (3)th rush". A friend of mine asked me about market correlation between spot gold and US Indexes. I really, really don't look for correlation between Gold and other markets and I really don't care about correlations, because my observations are that market correlation occurs from time to time, and it's no reliable to analyse and trade, using such a method. Everything is math.

The last months bouncing price wasn't surprise. Currently I don't trade precious metals, just like to analyse it long term, from time to time. 

 I can only say : buy any dip. Enjoy the chart.

Good luck!!!

SP 500 - Bear balls on fire

Last 8 weeks  SP500 rose slowly and steadily. Currently I don't expect 

deeper retrace before hitting the 1235 new high. Yes higher prices. It is also 161.8% Fibonacci of i or A wave.

Since 1007 low the market has risen 5 weeks as initial impulse, then 3 weeks corrected. After the 1038 support we have 8 up- all Fibonacci numbers. 5+3+8=16. Next number in the sequence is 21. So if we can reckon on that count need at lest 5 more weeks to extend, which makes the week  11/22 -11/28/2010.

Good luck!

AEX- Elliott wave update

AEX is one of my favourite European Indexes. Since May the price chose the wide range lateral track. Technicaly the price is still in that lateral track channel, where  bulls and bears are still regrouping. Whose group is going to take advanse; we"ll make us clear later this year. According to the current Elliott count we must be in the game already, because the iii of a (3) or (c) is in progress. And bigger pattern "flat" has already finished, marking (c) wave(305.17) as main low. The projection of the next leg up is at least to 61.8% Fibo of " i " wave- around 350.

My favourite charting tool shows the same target as well.

Good luck!

GOLD Elliott Wave Update

Since the last update on Gold I relabeled the waves, but the direction stays the same. Currently there's nothing that points change of the main trend. Friday was the 47 th day of the beginning of the 3th wave, so we can expect at least eight more days rally, and will not see any dramatic trend change. Even in case of a very sharp correction on daily basis we will be able to go long again and buy the dip.