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Elliottwavecorrection

TOPGLOV - Elliott Wave Correction before further rise to ATHEver since TOPGLOV recorded new high at RM29.30, gloves counter has experienced a big selloff which rebounded back and created a lower high. Thus, I believe it has created a wave correction and heading to RM20 before flying to another ALL TIME HIGH. :) As you all can see, AmInvestment Bank has downgraded gloves sector. The negative article in Bloomberg which featured comments of a few early investors/reader also added salt to the injury. KOSSAN has delivered record quarterly profit in 2Q recently, not forgetting SUPERMX record profit are not enough to keep the market rising. Perhaps, share price are fully prices are fully valued at the moment. There are many conflicting views emerging like vaccines. It should all come down to earning and nothing else as TOPGLOV next quarter result will be releasing on 17th September 2020. Would that be the moment that gloves counter back to GREEN?
MYX:TOPGLOV
by Inandouthunter
Great Zcash buy opportunity!ZECUSD formed a beautiful Elliot wave from July 5 - Aug 6. The correction that has followed is fitting nicely into Fibonacci retracement lines and it’s easy to see that we are on the C wave of an ABC correction. This has almost hit the 61.8% retracement ($84.39). I fully expect it to turn the corner there and enter another 5 waves up. As always, wait for confirmation. Note that so many other cryptos are bullish right now, whereas ZEC is doing it’s obligatory post-rally ABC dance. ZEC almost always moves with the rest of the crowd (and, when it doesn’t, it mimics whatever Monero is doing). The overall crypto trend, and Monero itself, are bullish right now ( duh ). Thus, we have every reason to believe that ZEC is at the perfect moment to buy. Once it tags that fib line, it should waste no time joining back up with the rest of the herd in the running of the bulls!
BINANCE:ZECUSDLong
by tarbh
SPX500USD (SPX Futures) made top of Bear Market Rally TodayThe slight new high in the TVC:SPX and OANDA:SPX500USD necessitates a slight recounting of the Elliot waves to account for the clear 5 wave drop from June 8th high to June 15th low while also accounting for the slight new high today. Bottom line no matter how you slice and dice it the crash from Feb highs to March lows was a clearly impulsive 5 wave drop and no matter how you try to twist your eyes and slice and dice it the rally from the March lows can in no way be counted as impulsive nor force a 5-wave count into it. Take away all counts and labels and indicators and look from a distance at the pure price bars since the March lows and it clearly has a corrective look to it especially as compared to what happened from the Feb highs to the March lows. The B wave of this March lows has formed a "running flat" with the June 8th to the June 15th 5 wave drop having been the 5-wave c of this running flat B. Since June 15th we have been in the final ending diagonal wave C of this B wave Bear Market Rally and with the slight overshoot today and rapid rejection in a convincing impulsive drop late today - meaning the Bear Market Rally - per this count - is over. Wave C to March lows thus began today not on June 8th. June 8th was indeed the end of the Bear Market rally in the Dow and the Russel 2000 and those indices have a slightly different wave count with wave 2 of C to March lows having ended today. The few big cap tech names in the S&P have been distorting the S&P. CBOE "Total Put-to-Call Ratio" made a lower low on June 8th as compared to the Feb highs which meant bullishness was even more extreme even though June 8th was a lower high than Feb. And now with the slightly higher high today, the CBOE "Total Put-to-Call Ratio" didn't make it to a new lower low today even with the higher high which makes the rally today highly suspect and likely a top. Take a look at the VIX today as S&P was making higher highs...the VIX kept rising which was a red flag that a violent reversal was coming as the rally since Friday has not been confirmed by the options market. The VXN made a far more dramatic bearish divergence with the NASDAQ100 as the latter was making higher highs today the VXN blasted higher aggressively. Even though the drop has been delayed in coming it seems to finally be at hand. The bottom line: trend over next few weeks and maybe months will be to the downside. To be bullish now and to position yourself bullishly by "buying dips" is playing with fire. Proceed with caution. Tomorrow earnings season begins in earnest. Let's see if the VIX and VXN saw this coming and led their respective indices (S&P and Nasdaq). Cheers ! Cyrus
OANDA:SPX500USDShort
by cyrusgr8
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