FTSE/Xinhua China 25 Looks Like A Good Short On Monday
FTSE/Xinhua China 25 (http://stockcharts.com/charts/gallery.html?fxi) looks like a good short on Monday 11-17-08, see http://finance.yahoo.com/q/ta?s=fxi&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
Note that FTSE/Xinhua China 25 put in a very large very bearish spike shortly before session's end on Friday 11-14-08, see the one day intraday candlestick chart at http://finance.yahoo.com/q/ta?s=FXI&t=1d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c=.
FTSE/Xinhua China 25 ended the session (Friday 11-14-08) in Wave A of Wave C of the very short term downcycle that began shortly before session's end on Thursday 11-13-08. Note that Wave A down of the very short term downcycle, that bottomed mid session on Friday 11-14-08, did an inverse Elliott Wave 12345 (down up down up down) pattern, that's also an Elliott Wave ABC down up down pattern.
The entire FTSE/Xinhua China 25 very short term downcycle (began shortly before session's end on 11-13-08) will also probably do an inverse Elliott Wave 12345 (down up down up down) pattern, that's also an Elliott Wave ABC down up down pattern, and, will probably/very likely take out 11-13-08's cycle low (Wave A of Wave C might test 11-13-08's cycle low), see http://finance.yahoo.com/q/ta?s=fxi&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
I'm probably going to trade the UltraShort FTSE/Xinhua China 25 Proshare (FXP) ETF on Monday, up +15.36% on Friday 11-14-08. Nothing I discuss on this Blog is a recommendation.
The FTSE/Xinhua China 25 index (http://stockcharts.com/charts/gallery.html?fxi) doesn't appear to have bottomed yet, while the major averages (some at least) might have entered a Cyclical Bull Market on Thursday 11-13-08, or, at least probably put in some type of important cycle low.
Here's FXP's (UltraShort FTSE/Xinhua China 25 Proshare, see http://stockcharts.com/charts/gallery.html?fxp) Elliott Wave count, since it's major cycle high at 200. FXP did a huge Wave A downcycle to 81.11, followed by a huge countertrend Wave B upcycle to 183.99. Then FXP did a huge Wave A of Wave C to 73.98, followed by Wave B of Wave C to 102.60, culminating (probably) in Wave C of Wave C to 59.60 on Thursday 11-13-08. Note that FXP did an inverse Elliott Wave 12345 (down up down up down) pattern, that's also an Elliott Wave ABC down up down pattern.
The major clue that 73.98 probably wasn't the final Wave C cycle low is that it was relatively close to the Wave A cycle low at 81.11, given the extreme volatility. Also, the candle at 73.98 would be a very atypical one for an important cycle low, though, the one at 59.60 on Thursday 11-13-08 is also atypical, however, the next day (Friday 11-14-08) FXP put in a modestly higher cycle low, that does have a typical candle (white, indicating a close above the open, with a bullish large inverse spike).
.......http://www.JoeFRocks.com/
Note that FTSE/Xinhua China 25 put in a very large very bearish spike shortly before session's end on Friday 11-14-08, see the one day intraday candlestick chart at http://finance.yahoo.com/q/ta?s=FXI&t=1d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c=.
FTSE/Xinhua China 25 ended the session (Friday 11-14-08) in Wave A of Wave C of the very short term downcycle that began shortly before session's end on Thursday 11-13-08. Note that Wave A down of the very short term downcycle, that bottomed mid session on Friday 11-14-08, did an inverse Elliott Wave 12345 (down up down up down) pattern, that's also an Elliott Wave ABC down up down pattern.
The entire FTSE/Xinhua China 25 very short term downcycle (began shortly before session's end on 11-13-08) will also probably do an inverse Elliott Wave 12345 (down up down up down) pattern, that's also an Elliott Wave ABC down up down pattern, and, will probably/very likely take out 11-13-08's cycle low (Wave A of Wave C might test 11-13-08's cycle low), see http://finance.yahoo.com/q/ta?s=fxi&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
I'm probably going to trade the UltraShort FTSE/Xinhua China 25 Proshare (FXP) ETF on Monday, up +15.36% on Friday 11-14-08. Nothing I discuss on this Blog is a recommendation.
The FTSE/Xinhua China 25 index (http://stockcharts.com/charts/gallery.html?fxi) doesn't appear to have bottomed yet, while the major averages (some at least) might have entered a Cyclical Bull Market on Thursday 11-13-08, or, at least probably put in some type of important cycle low.
Here's FXP's (UltraShort FTSE/Xinhua China 25 Proshare, see http://stockcharts.com/charts/gallery.html?fxp) Elliott Wave count, since it's major cycle high at 200. FXP did a huge Wave A downcycle to 81.11, followed by a huge countertrend Wave B upcycle to 183.99. Then FXP did a huge Wave A of Wave C to 73.98, followed by Wave B of Wave C to 102.60, culminating (probably) in Wave C of Wave C to 59.60 on Thursday 11-13-08. Note that FXP did an inverse Elliott Wave 12345 (down up down up down) pattern, that's also an Elliott Wave ABC down up down pattern.
The major clue that 73.98 probably wasn't the final Wave C cycle low is that it was relatively close to the Wave A cycle low at 81.11, given the extreme volatility. Also, the candle at 73.98 would be a very atypical one for an important cycle low, though, the one at 59.60 on Thursday 11-13-08 is also atypical, however, the next day (Friday 11-14-08) FXP put in a modestly higher cycle low, that does have a typical candle (white, indicating a close above the open, with a bullish large inverse spike).
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
8:01 PM
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