Hello Traders The past few weeks have been very bullish. We have bounced off of the long term uptrend line 3 times now, thus confirming an uptrend. RSI is looking very bullish too, resembling the market at the end of May prior to the massive push to $690 In terms of fundamental analysis well that couldn't be better! The silk road 2.0 auction of the DRP stash...
Bit misleading headline - absolute 2008 support is to be reached...but it is quite close to it. With this the ETF traded with the highest ever volume for 2 weeks now. The price formed a small bottom for the moment not only on the weekly, but daily and monthly charts as well. It is still a risky trade, but the following points make it an attractive trade 1) The...
USO has sky dived from $120 (off the chart), on July 2008, to as low as $23 in Feb 2009, signaling a very clear bearish trend. However from July 2009 until now, price has been consolidating sideways between $42 and $30, from July 2009 to June 2012. Subsequently, the sideways range narrowed to $39.40 and $30, from June 2012 up till now. All in all this sideways...
Egypt Index ETF Market Vectors (EGPT) weekly chart suggests a very bullish scenario for the market. Let's take a walk along its history first to draw a vivid picture of its future. The index declined sharply after its inception due to political turmoil in Egypt, moving from approximately 90.00 to 37.00. Then a rebound to 64.00 followed by another decline to...
EGPT is looking strong on the weekly chart with a breakout of from recent consolidation. A similar breakout at the beginning of this year lead higher with strong momentum. Similar pattern showing this breakout on strength. Measured move of the recent consolidation measures about $8. Takes the target right into the $81.50 Gap. Stop is under last weeks lows which...
TQQQ broke through the two previously established levels of support and past our focus line, we're hoping for some more weakness before the getting in for the bounce.
My Elliott Count for the Greece ETF is looking ready for an upcoming bull run. I count us near the end of a wave ii, in an extended wave 3. As all us EW chartists know, this is an ideal spot for entering long, or buying call options. However, Here is a BEARISH scenario, where A=C and we are just starting the wave down.... This appears to be in sync with the...
USO continues to form a rising wedge which will ultimately create a larger selloff. Until the larger pattern forms, price's range will tighten in the pattern which is now poised for a selloff. The combination of the spinning top candlestick and the stochastic rolling over will bring lower prices in the near term but not for long as the distance between the...
The moderate rally in gold prices and GLD should not be interpreted as a rally per se but GLD forming a small continuation pattern such as a flag or pennant. The stochastic is in the process or rallying up but lost likely will remain under the vale of 50 as this is more sideways consolidation than rallying. Once this consolidation is complete GLD will make...
In a chart similar to SPY, QQQ has reached trendline resistance and need to consolidate before another leg higher is possible. When prices move quickly vertical they need to take a moment and "cool off" before another wave of buyers can move in and push prices higher. A candlestick pattern detailing the selloff hasn't appeared yet as price is still higher but...
SPY's rally has paused with a spinning top but in no way does this indicate the larger rally is over. Price can consolidate here and form a continuation pattern on a smaller time frame before rising again. We should see the stochastic rollover but stay above 50 unless this is a significant selloff. For now I don't see that in the chart. This consolidation will...
USO is rallying in a rising wedge that will eventually setup its selloff. In the short term it is reaching the highs of ~10 days ago and near a rising line of resistance as well as a horizontal line of price resistance. A little more rally may occur but it should be capped under these lines wherein a short term selloff will follow. The stochastic is setup for a...
GLD has begun on a sideways pattern that will ultimately setup its next leg down. The stochastic is beginning to show signs of wanting to curl up but with consolidation price will not rally sharply but instead burn energy moving sideways. I don't think price will exceed $121 during this period. Once the stochastic resets a selling opportunity should present...
QQQ showed strength last week but now a pause may be in order. Price rallied to the overhead trendline and over the last two days has formed a small spinning top. Any reversal is probably a buying opportunity but we need to see the setup. With the recent volatility in QQQ the sell off and reversal may be quick.
I wrote back on 5/4 on my blog that "I'm standing by XHB" that I thought the negativity around housing was excessive and higher prices would eventually come our way. Some of the "smart" money on Wall Street was decisively negative. Among the stories predicting the fall in stock prices of the home builders included this one from Friday the 23rd. Big investors...
Okay, so this is not Bitcoin (har, har) but the reason I did this was I was curious as to what my other investments were doing. As it turns out there was a very clear trend channel that formed while I wasn't looking for I think 2 years (yeah, set and forget investment LOL). StochRSI divergence means there is going to soon be some type of break in the trend it...