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Showing posts with label SPI.. Show all posts
Showing posts with label SPI.. Show all posts

Wednesday, November 6, 2013

Elliott Wave Analysis of SPI (XJO)

I would still like to see that new yearly high above 5450 to complete this idea, i am not a fan of truncations and the ES (aka SPX cash market ) still have a set up that can see new all time highs, as does the INDU.

So above 5372, short term i will give the benefit to the bulls to rock it on higher and stick it to the bears.

Only a strong reversal would suggest a peak in place, but atm i don't yet see the evidence on this market or the US markets. for a peak in place.

I have a cycle chart that suggests a peak into the end of Nov early Dec on SPX.

That fits nicely with this idea of a push higher.

Alt idea is a small triangle (sideways zzzzzzzzz price action for a few more days).

If we do see a new yearly high, i am watching for a RSI divergence with price, that will be a good sign its a small 5th wave.