Slope of Hope Blog Posts
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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.
Originally published on ElliottWaveTrader.net, by Xenia Taoubina.
Well, she didn’t top-tick it, but over the long haul, she sure came close (tip o’ the paw to Duke of Dubai, who reminded me of this little gem, which I had forgotten about).
Here’s today’s swing-trading watch-list:
Short Arris Group (ARRS)
An oft-cited short idea continues to perform…..
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: