QQQ, SPX and Nasdaq and Dow Jones Transportation all giving Buy Signal but Intermediate trend Still down. Dollar strength is affecting commodities short term. Intervention by Plunge Protection Team of the Federal Reserve in last two Days is visible. Same true about Japanese and Euro Central Banks. Federal Reserve will end its Dollar Printing by the end of this month.
Even though market went up , the volume has been going down. Rally is not confirmed and markets can move down soon making new lows below Oct 15 lows.
In the 4th leg up SPY moved up 78% of the 3rd leg decline
DJI NO Buy Signal
SPY Short term Buy but Intermediate Trend still Down
Last 25 Day Wave Structure for SPY Updated on Oct 23 Premarket
QQQ
IWM Short term Buy
TNA
TZA SELL signal
TLT No Sell Signal
TMV No Buy Signal
TMF Remains Bullish
DGAZ Still going Higher No Sell signal
XLE Gave a Buy Signal
ERX Giving a Buy Signal
ERY
NUGT No SEll Signal
Even though market went up , the volume has been going down. Rally is not confirmed and markets can move down soon making new lows below Oct 15 lows.
In the 4th leg up SPY moved up 78% of the 3rd leg decline
DJI NO Buy Signal
SPY Short term Buy but Intermediate Trend still Down
QQQ
IWM Short term Buy
TLT No Sell Signal
XLE Gave a Buy Signal
ERX Giving a Buy Signal
Posts
3 comments :
Hi I was wondering if your analysis agreed with mine -- the top of the first step began in july (when IWM made its high), end of step 1 was august 4th, step 2 completed 9/2, step 3 completed 10/13 and we are now in step 4. Based on those assumptions I've calculated the following:
High -- 120.03
Step 1 -- 109.41
Step 2 -- 117.81
Step 3 -- 103.41
First we can determine step 3 traveled 161% of step 1 (making it a standard wave) with the following equation:
(120.03-109.91)*1.61 =16.29
120.03-16.23 = 103.74 (this is very close to the end of step 3, especially since I was eyeballing the number)
Feeling confident that we're in a Elliot wave trend, I'm trying to get the exit of step 4, which is usually at 32%, 50% or 78% retracement of step 3. We've already passed 32%, but doing some quick calculations:
117.81 (top of 3) - 103.41 (end of 3) = 14.4
14.4* .5 = 7.2
7.2 + 103.41 = 110.61
The current price of IWM is 108.95, which it already tested the 110.61 price point and may have started its descent into step 5.
What are your thoughts?
sorry I meant 32.8% for 4th leg correction
In general I am agreeing with your statements.Step 4 can sometime go all the way to beginning of Step 3
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