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So my analysis from last night is a little "behind" the look of the start to today, but the bigger thesis is still fine. There will be plenty of doubters of any rally, but if you look at the charts, the rally makes sense as we are "now" finished a normal 61.8% market pull-back.
The bigger targets from my earlier blogs are still valid, so let's look at the near term resistance levels and what the bounce may look like over the next couple of days.
I received an e-mail this morning from a reader who is frustated … he has cut his overnight holds to zero as the market goes through its wild swings. However, he finds that he can't get involved in Day Trading on stocks that he normally trades (GS, AAPL etc…).
I didn't get involved in either of these today due in large part to not trusting a low volume holiday session. I told him I would post how I use Fibonacci grids in teaching my students in playing Continuation Patterns.
Yesterday, I traded the SPY off of its LOD and it was a perfect example of one of the lesson PDF's that I provide my students on wave trading. I thought other readers would benefit from some of that lesson material so I will insert a portion of that material followed by the example from Wednesday
WARNING … EWT is mentioned in this blog!!
Gold is bouncing in the minute Wave 4 of the first leg lower here as I had predicted … the bounce has been stronger than I was expecting but it is now entering what should be the maximum retracement area …
Gold ETF (GLD) 15-min charts:
I've started to short GLD here and plan to stage into the trade as/if price continues to push into the "blue zone" …. my stop is $0.25 above the top of that zone ($178.07).
Cheers … Leaf_West
When the market broke its H&S neckline, I looked to the left of my charts to see possible support areas. One area that I noted and placed on my charts was the Wave 4 from last November ($112.95 – $117.59).
