S&P 500 Daily Market Analytics

The trend is currently up on our trading time frame. We expect new highs to complete W5:C or W(1):3. A break below 1297 could take prices down to retracement levels of 1272.

10% in 10 days ... Cash in on S&P 500!

First profit target on the weekly chart was hit this morning. I would lock in the 10% (120 points) gains that were made within 10 trading days and re - assess the entry point in the coming days on retracement of the down move. Keep an eye on order flow on retest of the H&S neck line.

S&P 500 Outlook

S&P 500 spiked through the first high probability reversal zone @ 1127 yesterday on the daily chart. This signals a completion of wave 2/B scenario (which has a second price reversal zone around 1148). On the weekly charts we can see likely price targets for S&P at 3 different price zones highlighted in yellow.

The wave count on the weekly will be supported by classical Head & Shoulder charting pattern with wave 3 representing left shoulder, wave 5 representing the head and wave 2/b representing the right shoulder. The h&S pattern is confirmed only on breaking the neckline at 1040 and gives us a price target of 942.

Crude Oil Outlook 17th June 2010

Crude Oil hit a key price reversal zone yesterday on the daily chart and over the next couple of weeks will begin the next impulsive move down towards wave iii / c target highlighted in yellow on the weekly chart below.

Elliot Wave Analysis on Spot Gold

Gold continues to climb in wave iii of (iii) as expected but may face resistance around 1174. The best price target for completion of wave (iii) on daily chart with available data would be 1215-1220.

Elliot Wave Analysis on DAX

Dax is very close to its October highs. The high probable count as of now is a completion of wave 3 close to 5850-5870 and then a correction in wave 4 and then a move up to new highs to complete wave 5. Why does it feel like Mr. Market wants to reward the bulls for their efforts in 2009?

Elliot Wave Analysis on Crude Oil

Crude Oil seems to have completed a complex wave 4 correction on the daily charts and a flag will be confirmed on the daily as soon as it breaks the channel lines. As can be seen on the hourly chart Wave A of the complex correction was a zig zag, wave B was a triangle and wave c was a 5 wave down move. The break above 77.70 yesterday favors trading alongside the bulls.

Multi Timeframe Elliot Wave Analysis on Spot Gold

Gold is currently in the wave iii: (iii) on the daily charts which shows there is still a significant upside left before we complete the wave 5 on the weekly.

Elliot Wave Analysis on Spot Gold

Elliot Wave Analysis on Crude Oil (Video)

A potential long entry trade in Crude Oil. Trade management has been mentioned specifically in the video but the entry should only be triggered once price confirms the direction it wants to take!