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Just a quick post as I’ve been fighting the clock all day today, with a review of the pattern setup on SPX/ES, NDX/NQ and RUT/TF with the break over resistance last night.
On SPX the short term pattern from 2352 is a decent rising wedge. Wedge support currently in the 2410 area and a 15min RSI 14 sell signal fixed in the last half hour today. At the close a possible small double top forming looking for 2405/6 area on a sustained break below 2411.83. SPX 15min chart:
Does Elliott Wave voodoo magic work?
Lots of people who study Elliott wave theory have conflicting counts. Many are looking for complex “4th wave patterns” ..
But is it possible that the most basic Elliott wave pattern formed under our nose without us easily noticing it?
The star of today is, naturally, crude oil — and what a wild ride is has been! I came into the day long (VERY long……..) both DRIP and ERY. They started off well, and then they went into a free-fall which was, umm, a little disconcerting. Mercifully, I didn’t get stopped out, and they have turned around nicely. Take note, for instance, of the well-formed cup with handle pattern that has completed with ERY, shown below.
The improvements to SlopeCharts have been happening so rapidly lately, I need to catch up with some posts about them (as well as update the documentation). But I’ll mention quickly that the symbol $BIT will now present to you the Bitcoin chart, which is causing puzzlement and red eyes to all the gold and silver “stackers” around the world. Anyway, lots more to talk about with respect to SlopeCharts, but I’ll do a post tonight when I have more time.
