S&P 500 Week for reflection

        Next week suppose to be one of the important weeks for the S&P 500. 

       We have already 8 weeks decline and the price has already touched the important  Gann Angle closing above it. I pay attention to the number 8, because it is included in the Fibonacci sequence, and has it's importance. The odds are extremely in favor of a significant rebound to happen here in the environment of the support, offered by the Gann Angle, 200 day moving average gives price support as well. A reversal daily/weekly candle will be one of the signs for rebound. 

       I can also assume spiking weekly candle, reaching 1250 even 1232, with closing weekly price above 1247.80.

       The Elliott Wave pattern that has been forming for several months (2/22/11 - now) is running flat(3-3-5) in case the price doesn't break 1247.80. If does break it, the running flat turns into expanding flat (3-3-5).  

Good luck trading!!!

  

S&P 500 How strong is the fear

      The old saying - ' sell in May and go away ' , "pulled the market down again". It is a fact that US indexes have been faling as long as five weeks, and the fear melts the prices as always. 
       Exactly at  1266/20.06.2011 passes the 45 degree Gann angle with a start point 665.83/06.03.2009. Around that level the bulls should take control again and lead the price at new year high around 1393, marking a new top.

Good luck trading!

S&P 500 The bulls are back

          As you may see the price refuses to decline more than 50% of the entire bulish move (3/16/11 - 4/6/11).  The daily closing price was also higher than the resistance 1293.41, which undoubtedly gives us clear buy signal. Safe place for SL is 1298. Most likely he price will continue up next few weeks. 1375 looks like an imminent target. As time is more difficult to determine, but around these periods med term top could occur (May 3-10) or (May 21-28).

Good luck trading!

ONE ELLIOTT WAVE TRADER

SMS-service in 5 minutes Asia, Nordic and Baltic countries and Eastern Europe! fortumo.com

DAX - Elliott Wave Update

Last European more significant bear correction srarted 07/2007 and botomed at 03/2009. It unfolded in three waves A,B,C, and declined 56.11%. The B wave was nearly 161.8% of the A wave. Then the long term bull market probably resumed. The price paints fifths so far. When reached the B wave resistance, the price made very sharp counter reaction, and prodused reversal monthly (03\2001) candle (hammer).

The A,B,C pullback hit 61.8% Fibonacci level of the entire 1 st wave.

Good luck trading!

ONE ELLIOTT WAVE TRADER

GOLD Elliott Wave Update

       There are few very likely targets for the next few weeks visible above. On the one hand the upwards proceeding resistance diagonal at 1505 and the next resistance at 1515 in April. Considering the weekly setup, I clearly can see that the main target at 1576 is coming into play.

       So, we’ll have to buy more gold in case of any significant  correction( buy the dip). 

The 1576 will be reached - maybe in 2012!

Good luck trading!

ONE ELLIOTT WAVE TRADER