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Until we decline below 1757 the trend is still up though.
Author: Patrick Eugster
Wednesday, October 30, 2013
S&P 500 ~ Elliott Wave Count ~ 30 October 2013
Until we decline below 1757 the trend is still up though.
Author: Patrick Eugster
Monday, October 28, 2013
S&P 500 ~ Elliott Wave Count ~ 28 October 2013
No important support levels have been broken, thus the trend is still up. The wave from 1650 now subdivides into five waves hence I adjusted my count:
As you can see wave 5 might be over soon. However, as long as we are above 1740, I'm bullish.
Author: Patrick Eugster
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| (link to previous count) |
Author: Patrick Eugster
Thursday, October 24, 2013
Gold ~ 24 October 2013
Gold has been rallying over the last few days and is now approaching the resistance level at 1350-65:
A rally above this level would be medium-term bullish. Next targets were 1425 and 1480.
Author: Patrick Eugster
A rally above this level would be medium-term bullish. Next targets were 1425 and 1480.
Author: Patrick Eugster
Wednesday, October 23, 2013
Tuesday, October 22, 2013
Dow Jones ~ Elliott Wave Count ~ 23 October 2013
The rally continues:
So far, no support levels have been breached, thus I'm still bullish.
If the Dow break below 15300 though, a wave C back to this month's lows is likely underway.
Author: Patrick Eugster
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| (link to previous count) |
If the Dow break below 15300 though, a wave C back to this month's lows is likely underway.
Author: Patrick Eugster
Thursday, October 17, 2013
S&P 500 ~ Elliott Wave Count ~ 17 October 2013
The SPX hit a new all-time high today:
The last swing highs for the SPX were 1690, 1710, and 1730. So I think wave B could go as high as 1750. After that wave C to 1650 (?) should follow. Wave C should be underway if we decline below 1700.
For medium-/long-term counts click here: http://www.wavaholic.com/2013/10/s-500-elliott-wave-count-11-october-2013.html
Author: Patrick Eugster
The last swing highs for the SPX were 1690, 1710, and 1730. So I think wave B could go as high as 1750. After that wave C to 1650 (?) should follow. Wave C should be underway if we decline below 1700.
For medium-/long-term counts click here: http://www.wavaholic.com/2013/10/s-500-elliott-wave-count-11-october-2013.html
Author: Patrick Eugster
Wednesday, October 16, 2013
Dow Jones ~ Elliott Wave Count ~ 16 October 2013
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| (link to previous count) |
Author: Patrick Eugster
Tuesday, October 15, 2013
Monday, October 14, 2013
Dow Jones ~ Elliott Wave Count ~ 14 October 2013
After a short sell-off this morning the rally continued:
It's possible that we're already in wave [c] of B. However, other short-term count are possible. Other possibilities were posted in the comment section of the last post so you may want to check them out.
Author: Patrick Eugster
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| (link to previous count) |
It's possible that we're already in wave [c] of B. However, other short-term count are possible. Other possibilities were posted in the comment section of the last post so you may want to check them out.
Author: Patrick Eugster
Friday, October 11, 2013
Dow Jones ~ Elliott Wave Count ~ 11 October 2013
This is the second possibility I was talking about. Wave [3] may have finished in September. If so, we're now in wave [4] which could last several months. After that, wave [5] would follow sometime next year.
The Dow has already reached my second target for wave B. The next target is at 15370.
If we decline below 14950, I'm bearish again and the preferred target for wave C would be 14550ish.
For the first scenario click here (shown on the SPX).
I think, I slightly prefer the first scenario, i. e. I think the correction will end rather soon. However, anything can happen, so let's see how the market reacts next week.
Have a nice weekend!
Author: Patrick Eugster
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| (link to previous count) |
If we decline below 14950, I'm bearish again and the preferred target for wave C would be 14550ish.
For the first scenario click here (shown on the SPX).
I think, I slightly prefer the first scenario, i. e. I think the correction will end rather soon. However, anything can happen, so let's see how the market reacts next week.
Have a nice weekend!
Author: Patrick Eugster
S&P 500 ~ Elliott Wave Count ~ 11 October 2013
The main problem with the short-term count I showed for the Dow Jones yesterday is that it doesn't work for the SPX. The sell-off from 1730 to 1650 subdivides into three waves (and not five).
In an earlier post I mentioned the possibility of counting wave [3]/[C] slightly differently. Below you can now see this alternative:
I actually quite like it this way. I'll show you the other likely scenario a bit later today (for the Dow Jones) so that you have a nice overview of the two possibilities.
Author: Patrick Eugster
In an earlier post I mentioned the possibility of counting wave [3]/[C] slightly differently. Below you can now see this alternative:
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| (link to previous count) |
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| (link to previous count) |
I actually quite like it this way. I'll show you the other likely scenario a bit later today (for the Dow Jones) so that you have a nice overview of the two possibilities.
Author: Patrick Eugster
Thursday, October 10, 2013
Dow Jones ~ Elliott Wave Count ~ 10 October 2013
It looks like the decision to turn neutral yesterday wasn't too bad. The Dow is rallying today and it looks like wave A or 1 ended yesterday:
Potential targets for wave B or 2 are 15080, 15210, and 15360.
Author: Patrick Eugster
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| (link to previous count) |
Author: Patrick Eugster
Wednesday, October 9, 2013
S&P 500 ~ EOD ~ 9 October 2013
The SPX hit the support level at 1647ish today and rallied:
It looks like we will test 1647 again tomorrow. If 1647ish breaks, the sell off should extend to 1630ish.
Author: Patrick Eugster
It looks like we will test 1647 again tomorrow. If 1647ish breaks, the sell off should extend to 1630ish.
Author: Patrick Eugster
Dow Jones ~ Elliott Wave Count ~ 9 October 2013
The Dow dropped below the August lows today invalidating the bullish count I have been following since early September.
This bigger-than-expected correction isn't much of a problem though since I have been bearish for more than two weeks now.
As you can see on the chart I think that wave A or 1 will finish soon. There should be support at the June and August lows. Thus, I think we will bottom between 14550 and 14750. Downside should therefore be limited and thus I'm neutral now and waiting for wave B or 2 to start.
Author: Patrick Eugster
This bigger-than-expected correction isn't much of a problem though since I have been bearish for more than two weeks now.
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| (link to previous count) |
As you can see on the chart I think that wave A or 1 will finish soon. There should be support at the June and August lows. Thus, I think we will bottom between 14550 and 14750. Downside should therefore be limited and thus I'm neutral now and waiting for wave B or 2 to start.
Author: Patrick Eugster
Tuesday, October 8, 2013
S&P 500 ~ EOD ~ 8 October 2013
The SPX broke the support level at 1670 in the morning which resulted in a sell-off to 1655 so far.
The next support levels are around 1647 and 1632.
Author: Patrick Eugster
The next support levels are around 1647 and 1632.
Author: Patrick Eugster
Monday, October 7, 2013
S&P 500 ~ EOD ~ 7 October 2013
The SPX continues its choppy downtrend:
As long as we stay below 1693ish, the short-term trend is neutral-bearish. If the support area at 1670ish breaks, a decline to the September lows is very likely.
Author: Patrick Eugster
As long as we stay below 1693ish, the short-term trend is neutral-bearish. If the support area at 1670ish breaks, a decline to the September lows is very likely.
Author: Patrick Eugster
Thursday, October 3, 2013
S&P 500 ~ Elliott Wave Count ~ 3 October 2013
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| (link to previous count) |
The trend is down as long as we are below 1700. If this level is convincingly breach though, wave 3 should be underway.
Author: Patrick Eugster
Wednesday, October 2, 2013
S&P 500 ~ Elliott Wave Count ~ 2 October 2013
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| (link to previous count) |
If 1705 is convincingly breached, wave 3 should be underway.
Author: Patrick Eugster
Gold ~ 2 October 2013
It turned out to be a good decision to wait one more day and see whether the break of 1360 will be confirmed (link to last update). The day after, gold broke below 1360 again and hit the support at 1280ish yesterday.
As long as we stay within 1280 and 1360 I'm neutral. If we get a convincing break above 1360, the medium-term trend would be back to bullish. Should gold decline below 1280ish though, I'd turn bearish and a drop to the July lows would be likely.
Author: Patrick Eugster
As long as we stay within 1280 and 1360 I'm neutral. If we get a convincing break above 1360, the medium-term trend would be back to bullish. Should gold decline below 1280ish though, I'd turn bearish and a drop to the July lows would be likely.
Author: Patrick Eugster
Tuesday, October 1, 2013
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