chrisatom

chrisatom Updated 

As you can see from the white dotted projected path which I have not adjusted at all, the previous analysis was pretty accurate with a bounce to 25800 and move lower. We now have a lower low from the one made in the initial sell off and monthly S3 pivot providing strong support as you would expect. From this point I am going neutral as it seems too far to get to...

chrisatom

Playing out nicely so far, needs to follow through with the reversal at around this level. B wave rallies are viscous in nature but as long as it holds below 25800 the path should still head lower to retest last weeks lows, and ideally break through to test the yearly pivots and the lower trend line of the broadening formation with a C wave down.

chrisatom

Metals looking good for next few years. This company has no debt and rising profits in a sector set to make big gains in the coming years. PE of 5.44. Recent pullback gives great entry into trend on a large hammer. Wait for confirmation candle or enter with stop below hammer. Scale out for huge rounded bottom formation.

chrisatom

Bull flag almost complete on monthly scale, looking for major move as continuation of trend up. Excellent fundamentals and price has retraced to yearly pivot points for next launch. Break below pivot point or dropping out of flag invalidates. Scale out to see huge rounded bottom pattern.

chrisatom

Not posted an update for a while so lots to say considering the recent events, hence the busy chart. The substantial decline met support at MS3 and the lower trend line from the May lows, and has bounced to reclaim MS2. I would now expect and ABC down to complete, with A having already completed and the B wave to take us up to the previously important level of...

chrisatom

Strong trending growth stock pulling back from yearly pivot resistance to Fibonacci and Trad pivot yearly support. Also coincides with 100 day MA which has shown to be good entry into the trend previously.

chrisatom

The bull flag and election of the bullish reversal last week proved be too strong, as price screamed up to WR3 and through a 2 yearly pivots, no mean feat! Although I expected a bullish bias and initial rally, the extent of the rally took me by surprise, as did the lack of a serious pullback to enter long. That is what stop losses are for. There has been some...

chrisatom Updated 

After the previous hit of the bullish reversal at 26150 caused a pullback, that turned into a bull flag that broke through to WR2. A pullback followed and price elected the bullish reversal by a hairs breadth. Pivots show an open above the weekly pivot meaning a bullish bias for the week. Coupled with the election of the bullish reversal this points to an...

chrisatom

The rise on low August volumes was checked on Weds at the next weekly bullish reversal. After being rejected last week, price took the 25800 level during futures on Monday which indicated a rally was unfolding, so as stated I flipped long at 25840, which was the backtest of a daily pivot. Price was rejected at the next reversal on weds which caused a fade until...

chrisatom Updated 

A very interesting end to the week with a rally in futures that continued on open, but with the second half of the day stuck at the previously mentioned level of 25800- the weekly bullish reversal. 2 ways to look at this, for the bullish case its a bounce off support and consolidation before a grind higher. For the bear case its a backtest of the 25800 level...

chrisatom

A very interesting end to the week with a rally in futures that continued on open, but with the second half of the day stuck at the previously mentioned level of 25800- the weekly bullish reversal. 2 ways to look at this, for the bullish case its a bounce off support and consolidation before a grind higher. For the bear case its a backtest of the 25800 level...

chrisatom

Bearish engulfing candle printed on the daily chart is confirmation to the shooting star from yesterday. If you include Globex Futures its another shooting star, only larger. Both are bearish. Stochs crossover maintaining bearish divergence. This is looking good for a further drop. Short from 25800

chrisatom

Bearish engulfing candle printed on the daily chart is confirmation to the shooting star from yesterday. If you include Globex Futures its another shooting star, only larger. Both are bearish. Stochs crossover maintaining bearish divergence. This is looking good for a further drop. Short from 25800.

chrisatom Updated 

Today we saw a further rally, however the pullback in the last 2 hours has created a shooting star candle on the daily, with the 4 hour giving the even more bearish dark cloud cover. The last few days have good size upper shadows to the candles which the Japanese call 'rising in agony'. Shooting stars are not the most bearish patterns so tomorrow is important to...

chrisatom

Today we saw a further rally, however the pullback in the last 2 hours has created a shooting star candle on the daily, with the 4 hour giving the even more bearish dark cloud cover. The last few days have good size upper shadows to the candles which the Japanese call 'rising in agony'. Shooting stars are not the most bearish patterns so tomorrow is important to...

chrisatom Updated 

After the strong reaction at the MP last week, a slow grind up towards the MR1 and WR1 is underway, which sit around the round number resistance of 26k. The weekly bullish reversal at 25800 also provides resistance so some pullbacks to daily pivots are expected. A strong reaction off resistance tomorrow or Wednesday could maintain the bearish divergence on the...

chrisatom

After the strong reaction at the MP last week, a slow grind up towards the MR1 and WR1 is underway, which sit around the round number resistance of 26k. The weekly bullish reversal at 25800 also provides resistance so some pullbacks to daily pivots are expected. A strong reaction off resistance tomorrow or Wednesday could maintain the bearish divergence on the...

chrisatom

Do not be drawn in to bull run or market crash talk every time there is a strong rally or decent drop. We are still moving sideways since Jan in choppy action after the yearly R1 was tagged. The pullback was contained to the DeMark pivot with the traditional pivot below as further support. Until we break this range by a decisive breach of one of the pivots we are...