SPX (S & P 500), WMT, HUI, etc Did Wave 5 Spikes Today
SPX (S & P 500), WMT, HUI, etc did Wave 5 spikes today (SPX upcycle since Tuesday), see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
Sometimes after it looks like a stock or index has peaked a large final Wave 5 blowoff spike (in this case on the 5 day intraday chart, intraday chart's Elliott Wave count at link above) will occur, also, gap filling occurred at today's open (SPX (S & P 500) filled upside gap at 1467.95).
The short term bearish outlook for SPX/the market jives with the bearish WMT Lead Indicator, at -0.97% versus SPX (S & P 500) yesterday/on 12-20, and, it's bearish again today, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.
I'm still looking to do the same trades discussed yesterday (http://tradethecycles.blogspot.com/2007/12/spx-s-p-500-bearish-breakaway-gap-at.html), and, I'm obviously looking for a sharp pullback.
When doing the Elliott Wave count one first uses the daily candlestick chart (SPX's http://stockcharts.com/charts/gallery.html?%24spx), then the Elliott Wave count is finetuned using the five day (http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC) and possibly (if necessary) also the one day intraday candlestick chart, in order to arrive at a good entry or exit point.
Since putting in a likely Cyclical Bull Market cycle high at 1576.09 on 10-11-07 SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) did a Wave A intermediate term downcycle that bottomed in late November, then a countertrend Wave B monthly upcycle peaked on 12-11-07 at the time of the Fed's rate decision, so, SPX is in a Wave C intermediate term downcycle now, and, Wave 3 of a short term Wave B is peaking probably today.
....... http://www.JoeFRocks.com/ .
Sometimes after it looks like a stock or index has peaked a large final Wave 5 blowoff spike (in this case on the 5 day intraday chart, intraday chart's Elliott Wave count at link above) will occur, also, gap filling occurred at today's open (SPX (S & P 500) filled upside gap at 1467.95).
The short term bearish outlook for SPX/the market jives with the bearish WMT Lead Indicator, at -0.97% versus SPX (S & P 500) yesterday/on 12-20, and, it's bearish again today, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.
I'm still looking to do the same trades discussed yesterday (http://tradethecycles.blogspot.com/2007/12/spx-s-p-500-bearish-breakaway-gap-at.html), and, I'm obviously looking for a sharp pullback.
When doing the Elliott Wave count one first uses the daily candlestick chart (SPX's http://stockcharts.com/charts/gallery.html?%24spx), then the Elliott Wave count is finetuned using the five day (http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC) and possibly (if necessary) also the one day intraday candlestick chart, in order to arrive at a good entry or exit point.
Since putting in a likely Cyclical Bull Market cycle high at 1576.09 on 10-11-07 SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) did a Wave A intermediate term downcycle that bottomed in late November, then a countertrend Wave B monthly upcycle peaked on 12-11-07 at the time of the Fed's rate decision, so, SPX is in a Wave C intermediate term downcycle now, and, Wave 3 of a short term Wave B is peaking probably today.
....... http://www.JoeFRocks.com/ .
Labels: SPX
posted by Joe Ferrazzano at
11:59 AM
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