Slope of Hope Blog Posts
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As I published over this weekend on ElliottWaveTrader.net and MarketWatch, our count seems to be following through quite nicely. Although we did expect more of a pullback on AAPL for its wave 2, it only provided a very small consolidation before it took off towards our next targets of 606 (1.00 extension) or 615/616 (1.236 extension).
We will then expect a pullback which should maintain support over the 597 region, especially if the 616 level is hit, and then rally again towards out next higher target region of 622-631. Ideally, AAPL should be there by the middle to the end of the month, if not higher if AAPL enters into the type of extensions that we have seen in the past.
Originally published on ElliottWaveTrader.net.
I’m spending part of my Independence Day jazzing up my SocialTrade videos (if you have somehow managed to miss signing up for your free account, for the love of God, please do so!) I think this video does a much nicer job of explaining what the system is all about.
Happy 4th of July, Slopers!
As I sit here in the wee hours of the morning on the Independence Day of our once-proud republic, I thought I’d share a few charts with you before I pivot 15 degrees to the left and start work on another computer where I’d like to make some new SocialTrade videos.
Although it’s a market holiday, there’s still thin trading in some commodities as well as the Euro, which is down about 0.35% as I’m typing this. When (not if) it erases all of its retarded 20th-Summit-Rally from last Friday, you can bet I’ll be talking about it.
Anyway, I’ve got videos to make, so let’s get this charts done…….
The NASDAQ Composite, shown below, is within spitting distance of its descending trendline, offering resistance. For the bulls, they need to cut through this line, but it’s going to take some pretty hearty momentum to do so, because the Euro-thrill from Friday is wearing awfully thin. The bears want to see another failure of that horizontal line and, most importantly, a break of the ascending red trendline beneath it. This index chart, as most charts are right now, is pretty much a mess.