GPS experienced significant downside last week, in a move that I count as capitulation under my base case. Though Friday’s unrelenting rally did make some progress in beginning to repair that decline, initial confirmation of the perspective shown under either of the two counts on the attached chart is a rally to 40 area. Until then, it is reasonably probable that GPS may have, indeed, broken down. My base case, however, remains that October low (35.46) will not be broken without a move to 43.85 at a minimum. Not planning any changes to this position, at this time.
by Xenia Taoubina, ElliottWaveTrader.net
A strong move in KRFT on Friday is initial confirmation of a completed wave 4. On a micro level, however, no 5-up has emerged so far. KRFT needs to stage a 5-up of proportions that, at the very least, reach wave circle-b top at 89.00 to make it likely that all of 4 has completed. Should such a bullish development be seen, I will look to add to this trade on a pullback, as, big picture, I very much like this pattern.
EBAY continues to hold a strong bullish position, with last week’s pullback having hit a 50% retrace of what I count as wave (i) of circle-iii. Ideally, that pullback was all of (ii), in which case red fibs provide upside extensions; however, further consolidation remains reasonably probable until the prior high of 60.93 is taken out.
The refiners are now looking very good for lower supports of wave 4 of (iii) in MPC & VLO, and wave (ii) in HFC (maybe one more low to 36s
TSO does not have as nice a chart with clear targets, but the 15min there shows a much cleaner abc down completing.
I think they should all run together again.
From Zac Mannes, originally posted on ElliottWaveTrader.net.
Oh, this is scary – – and too, too funny. Right on the heels of my post yesterday, none other than Elliott Wave International is bragging via Twitter about…………their LONG plays! Sentiment is now 100%, people.
On Wednesday night I noted: “The bounce this morning is most likely a corrective bounce in an a-wave, which still needs a c-wave higher to complete the red (b) wave. So, unless I see something different into tomorrow, I am expecting the market to resolve this pattern lower over the next week. Hopefully, it can also break the cited support to make it more clear that the larger degree correction is upon us.” (more…)
Amazon (AMZN) hit my initial target of 353 for wave iii of the larger diagonal to be complete, but on a smaller scale it has room to extend a little more from the 350s to hit the trend line now floating between 375-380 through next week. (more…)