DNDN Filled It's Downside Gap At 7.17 From Yesterday's Open
DNDN filled it's downside gap at 7.17 from yesterday's open, see http://stockcharts.com/charts/gallery.html?dndn. A short term Wave 1 cycle high occurred at 7.65 yesterday versus a monthly cycle low at 6.30 the day before, and, a monthly cycle buy signal occurred yesterday, because a strong Short Term Wave 1 upcycle occurred.
I'm waiting for DNDN to do a significant intraday Wave 1 type upcycle (once the short term Wave 2 bottoms today/Monday), then I'll look to go long during an intraday Wave 2 type downcycle, see http://finance.yahoo.com/q/ta?s=dndn&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. It's usually a good idea to wait for the expected behavior, then buy a countertrend pullback (or rally in the case of looking to sell short). It's a way to confirm that your Elliott Wave count is correct and possibly also to confirm that your assessment of a stock's cycles is correct. If you can't gauge what a stock will do you shouldn't trade it obviously.
I'm waiting for GNBT to either fill it's upside gap at 1.84 or take out Wednesday's cycle low at 1.73, that may not be the Wave 2 of (a short term) Wave 3 cycle low, see http://stockcharts.com/charts/gallery.html?gnbt. If GNBT takes out 1.73 but not by much I'll probably wait for it to fill it's upside gap at 1.84 before looking to buy a pullback (may wait for a very short term buy signal).
Please see the previous post at http://tradethecycles.blogspot.com/2007/06/dndn-probably-put-in-monthly-cycle-low.html for rockets detailed analysis/info.
Likely new rockets are CBAK (http://stockcharts.com/charts/gallery.html?cbak) and USEY (http://stockcharts.com/charts/gallery.html?usey). I may buy CBAK in the current short term Wave 4 down, and, with USEY I'm waiting to see if it fills it's upside gap a bit above 2, then I may buy a pullback.
I'm looking to go long non rocket ACI today/Monday in a short term Wave 2 downcycle, see http://stockcharts.com/charts/gallery.html?aci. ACI put in a monthly cycle low at 32.94 on Wednesday and hit a monthly cycle buy signal yesterday. Note the bullish large inverse spike on Wednesday's candle.
I'm looking (? read on) to go long FCEL on weakness today/Monday in a short term Wave 4 downcycle (or Wave 2 of a big Wave 3), see http://stockcharts.com/charts/gallery.html?fcel. FCEL's intermediate term upcycle since mid May appears to be rolling over (peaks are flattening out), so, I may not trade FCEL.
I'm looking to go long WMT and the Ultra Long SPX ETF SSO once WMT hits a short term Wave 5 buy signal. WMT's short term Wave 4 appears to have bottomed at 47.69, but, WMT still needs to hit a short term Wave 5 buy signal, see http://stockcharts.com/charts/gallery.html?wmt, and, there's a bearish large spike on today's candle.
Concerning gold, it's primary Secular Bull Market very long term upcycle trendline since April 2001 is at $470-475ish, so, ignor the dingbat gold writers who don't even understand basic TA. From May 2004 until May 2006 gold nearly doubled, experiencing a final/third Wave 5 long term upcycle of the Wave 1 Cyclical Bull Market, and, is now in a Wave 2 Cyclical Bear Market that should bottom in the $475-500 range.
In the second chart at http://stockcharts.com/charts/gallery.html?%24gold one can see that Wave A down of the Wave 2 Cyclical Bear Market bottomed at $542. Wave B up of the Wave 2 Cyclical Bear Market recently peaked at $698 in April 2007, so, Elliott Wave confirms that the $475-500 target range is reasonable for gold's final Wave C cycle low of the Wave 2 Cyclical Bear Market.
Concerning some Cartel manipulating gold and suppressing it, forgetaboutit! Gold did 30-35% PER YEAR on average in it's five+ year Wave 1 Cyclical Bull Market from April 2001 until May 2006, rising from $254 to $730ish. Also, because gold is securitized now as GLD (and IAU and probably other ETFs), it's greatly affected by program trading, which makes major or even minor manipulation of gold IMPOSSIBLE, even though GLD isn't in the S & P 500.
Program trading accounts for about 70% (that's right) of the dollar volume on the NYSE, because, baskets of ALL S & P 500 stocks are bought and sold when program trading occurs. This is why when the S & P 500 gets whacked gold always or almost always gets whacked and vice versa when strength occurs. How much strength or weakness occurs is obviously also related in large part to gold's cycles at the time.
If gold was being manipulated by some evil Cartel who would want to invest in it, if it was subject to the whims of an evil Cartel? Who wants to be in a suppressed market??? It just shows what nitwits many of the gold writers truly are. They don't understand basic TA (primary trendline at $470-475ish) or how the market works (program trading).
Ciao!
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. The primary Secular Bull Market trendlines since late 2000 are at 200-220 for HUI and at 85-90 for the XAU. Those are the targets for where the Cyclical Bear Market will bottom. NEM's Wave 2 Cyclical Bear Market began on 1-31-06. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
I'm waiting for DNDN to do a significant intraday Wave 1 type upcycle (once the short term Wave 2 bottoms today/Monday), then I'll look to go long during an intraday Wave 2 type downcycle, see http://finance.yahoo.com/q/ta?s=dndn&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. It's usually a good idea to wait for the expected behavior, then buy a countertrend pullback (or rally in the case of looking to sell short). It's a way to confirm that your Elliott Wave count is correct and possibly also to confirm that your assessment of a stock's cycles is correct. If you can't gauge what a stock will do you shouldn't trade it obviously.
I'm waiting for GNBT to either fill it's upside gap at 1.84 or take out Wednesday's cycle low at 1.73, that may not be the Wave 2 of (a short term) Wave 3 cycle low, see http://stockcharts.com/charts/gallery.html?gnbt. If GNBT takes out 1.73 but not by much I'll probably wait for it to fill it's upside gap at 1.84 before looking to buy a pullback (may wait for a very short term buy signal).
Please see the previous post at http://tradethecycles.blogspot.com/2007/06/dndn-probably-put-in-monthly-cycle-low.html for rockets detailed analysis/info.
Likely new rockets are CBAK (http://stockcharts.com/charts/gallery.html?cbak) and USEY (http://stockcharts.com/charts/gallery.html?usey). I may buy CBAK in the current short term Wave 4 down, and, with USEY I'm waiting to see if it fills it's upside gap a bit above 2, then I may buy a pullback.
I'm looking to go long non rocket ACI today/Monday in a short term Wave 2 downcycle, see http://stockcharts.com/charts/gallery.html?aci. ACI put in a monthly cycle low at 32.94 on Wednesday and hit a monthly cycle buy signal yesterday. Note the bullish large inverse spike on Wednesday's candle.
I'm looking (? read on) to go long FCEL on weakness today/Monday in a short term Wave 4 downcycle (or Wave 2 of a big Wave 3), see http://stockcharts.com/charts/gallery.html?fcel. FCEL's intermediate term upcycle since mid May appears to be rolling over (peaks are flattening out), so, I may not trade FCEL.
I'm looking to go long WMT and the Ultra Long SPX ETF SSO once WMT hits a short term Wave 5 buy signal. WMT's short term Wave 4 appears to have bottomed at 47.69, but, WMT still needs to hit a short term Wave 5 buy signal, see http://stockcharts.com/charts/gallery.html?wmt, and, there's a bearish large spike on today's candle.
Concerning gold, it's primary Secular Bull Market very long term upcycle trendline since April 2001 is at $470-475ish, so, ignor the dingbat gold writers who don't even understand basic TA. From May 2004 until May 2006 gold nearly doubled, experiencing a final/third Wave 5 long term upcycle of the Wave 1 Cyclical Bull Market, and, is now in a Wave 2 Cyclical Bear Market that should bottom in the $475-500 range.
In the second chart at http://stockcharts.com/charts/gallery.html?%24gold one can see that Wave A down of the Wave 2 Cyclical Bear Market bottomed at $542. Wave B up of the Wave 2 Cyclical Bear Market recently peaked at $698 in April 2007, so, Elliott Wave confirms that the $475-500 target range is reasonable for gold's final Wave C cycle low of the Wave 2 Cyclical Bear Market.
Concerning some Cartel manipulating gold and suppressing it, forgetaboutit! Gold did 30-35% PER YEAR on average in it's five+ year Wave 1 Cyclical Bull Market from April 2001 until May 2006, rising from $254 to $730ish. Also, because gold is securitized now as GLD (and IAU and probably other ETFs), it's greatly affected by program trading, which makes major or even minor manipulation of gold IMPOSSIBLE, even though GLD isn't in the S & P 500.
Program trading accounts for about 70% (that's right) of the dollar volume on the NYSE, because, baskets of ALL S & P 500 stocks are bought and sold when program trading occurs. This is why when the S & P 500 gets whacked gold always or almost always gets whacked and vice versa when strength occurs. How much strength or weakness occurs is obviously also related in large part to gold's cycles at the time.
If gold was being manipulated by some evil Cartel who would want to invest in it, if it was subject to the whims of an evil Cartel? Who wants to be in a suppressed market??? It just shows what nitwits many of the gold writers truly are. They don't understand basic TA (primary trendline at $470-475ish) or how the market works (program trading).
Ciao!
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. The primary Secular Bull Market trendlines since late 2000 are at 200-220 for HUI and at 85-90 for the XAU. Those are the targets for where the Cyclical Bear Market will bottom. NEM's Wave 2 Cyclical Bear Market began on 1-31-06. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
posted by Joe Ferrazzano at
7:37 AM
