Elliott Wave Training

Are you looking to learn the Elliott Wave principle? Or maybe you already have some experience and want to find the ways to improve your skills better.

Click on this post for details:

http://wavepatterntraders.blogspot.com/2012/04/elliott-wave-training.html



Sunday, February 23, 2014

Elliott Wave Analysis of Crude Oil (CL)

Back on Jan 12th I posted some charts and ideas of where i thought Oil was likely to go based on the current structure.

http://wavepatterntraders.blogspot.com/2014/01/elliott-wave-analysis-of-crude-oil-cl.html

True to form it has not disappointed, surprisingly it has moved really well over the past 6 months.

Having targeted the $102 area for wave [2] it has seen that and some more, but its now that i think Oil could potentially suggest its setting up for a new leg lower.

Sentiment has shifted from bearish to bullish, the media are talking about Oil once again, although instead of being bearish they are bullish, such is the way, the media are usually the group that is bearish and bullish at the wrong time, usually just before the turn.

Going forward i am looking for evidence of a move lower now to start wave [3] which should be a strong decline that takes out the $90.00 area. on route for lower prices.

Elliott Wave is not perfect, but used in the right hands it is a great tool as you can see, the predication was made public way before the actual advance for the suspected wave [2].

We have had some real good success with Oil over the past few months, it has followed our script nicely since its peak around $112.

If my preferred idea is going to play then the next move should be a strong decline that could test the $80 - 90 over the coming months.

Click the link above to see the ideas, nothing has changed on the weekly chart.



Elliott Wave Analysis of NZDUSD (short term)

The daily chart of this pair is messy and no clarity at all, but that don't mean there is never any trade ideas, if you scale down to a 30 min chart you can see from 0.8391 that there is a 5 wave decline

From 0.8242 i want to see a 3 wave bounce towards 0.8330

That will setup for a potential move lower in another 5 wave decline.

Stops need to be put at 0.8391

Target 0,8150-70

Credit to @GregInBaltimore for bringing this idea to my attention




 

Sunday, February 9, 2014

Market Report: Dow Industrials Top in Place?

To answer that question truthfully, its way too early to confirm the answer to that question. I have posted previously there is still a bullish wave count that suggests a possible move to 14000 before it moves higher and  targets 17000 - 19000, but to those traders that are flexible and can trade both sides of the trend there is plenty of $$$ to be made for those that can find the right set ups.

My last few articles have been prepping readers for a potential setup for a large decline, so far its not disappointed, many members caught a large percentage of the decline, although we were watching a couple of ideas this past week that suggested a rally was due and after 2 attempts we caught the lows last week, so traders made $$$ from the upside as well

Traders that are flexible and have the right setups are making serious $$$, as the swings we have seen recently are a traders best friend, although you still need to find the right setup.

Anyhow back to the setup in hand.

If you have not been involved on the short side like some members have, then you may have another chance later, but short term this appears to be inside an upwards correction to correct the decline


From 16523 it appears to be a 5 wave decline, so I suspect we can see a large bounce to correct the decline, a 3 wave bounce that remains under 16523 is a setup to sell, so readers that are interested in looking to sell this market need to wait for the market to set itself up.
 

Whilst its never a foregone conclusion that we are going to see more downside, if the market has put some sort of peak, then I still think we at least see a move back to 14000 or lower.

So if the idea shown sets up, you have a low risk setup to sell, limited risk with a potential target towards 14000.

If the idea is wrong then its a small loss and live to fight another day, but the key to this idea is to see a 3 wave bounce NOT a strong impulsive move that going crazy to the upside, there is a clear setup we are looking for.

Until next time,

Have a profitable week ahead