Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Eye on RSX

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Market Vectors Russia ETF (RSX) is following through on its downside path. However, so far, it hasn’t yet broken its June low of 17.62, so the potential for a move back to 19.03-19.55 in wave c of (ii) remains, which would have me looking to add to the short.

If 17.62 is broken, it appears likely that such move would find support in 17.08-17.27 range, to be followed by wave ii of (iii) up.

Whether through a high bounce or not, I think the odds are good that RSX will complete its downward pattern before expiration.

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Originally published on ElliottWaveTrader.net, by Xenia Taoubina.

Looking for the Grexit

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The Greek referendum was a clear vote against further austerity and we should see this week whether the ECB bluff that the Greeks have called is in fact a bluff. I suspect it isn’t and that a grexit is now the most likely outcome. If so then I think that’s great news for the Greeks, who can finally default and start rebuilding. It’s a rare country that still has a shrinking economy a couple of years after default. If that’s the way it goes then it would nice for that to be quick, as the constant headlines have become a serious bore.

SPX hasn’t been generous with trendlines since the last high. I do now have a three touch resistance trendline established on Thursday and I’ll be watching to see whether that survives the day. As long as it survives my lean is bearish. SPX 15min chart:

150706 SPX 15min Trendlines

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