After an impulsive looking advance from the low, NYSE:MGM appears to have declined in a 3 wave move that remains contained by the price channel and the 50% retracement. She goes on my bullish setup watch list!
NYSE:ABBV has fallen from grace after a monster performance in 2017. 2018 and the most recent earnings report disappointed but the dividend and technical position have me leaning bullish.
Let's see!
I'm working two elliott wave counts AMEX:SPY . One bullish and the other bearish. Both are corrective advances.
The bullish case shown here is a w-x-y while the immediately bearish case is an abc (linked). Bullish case looks for one more advance.
I'm working two elliott wave counts AMEX:SPY . One bullish and the other bearish. Both are corrective advances.
The bullish case is a w-x-y (linked) while the immediately bearish case is an abc. A break of the channel would bolster the bearish case.
$NVDA tried to advance today but met sellers. If she can break out from this saucer bottom, she could run a long way given the thin vloume that was traded on the way down.
10-yr Treasury Bond is coiling in an EW symmetrical triangle. ALT may be a W-X-Y (not shown). Either implies another test of recent highs when pattern resolves. Let's see.
I expect more sideways chop as price moves within a triangle pattern. Expect a forced breakout as price nears the apex of the pattern. A breakout higher could become problematic for "carry trades".
I have an elliott wave v = (.618) {0-iii} at 273.44 or same as ALT count at 274.01. Show here is the volume profile and the levels that I'll be watching if any significant downside risk develops. For real-time updates, follow me on Twitter @elliottwavelive
Ahead of FOMC and NFP data on Friday, options pricing for SPY JAN 30 and FEB1 261 and 267 strikes reveal that trade has a high probability of remaining within the current 7-day trading range through JAN 30 expiry. Current probability of exceeding a 1-sd dev move by FEB 1 expiry is approx 41%
The bond gurus used linear scale to express their bearishness of interest rates. Using log scale, the trendline was tested but remains intact. For now, lower rates follow.
