tomj2417

tomj2417

Here's another chart that sparked a bit of interest this morning as I look over the markets. Has it finished a 5 wave move to the downside or does it require another one to complete a correction? Personally I reckon there another move down before any chance of some decent upside, but as usual time will tell if this count has any merit at all.

tomj2417

I posted an idea on this one all the way back in 2018 which has kind of panned out with this latest move up that began recently in March. Is this beginning of something for this stock and by proxy the Uranium market? Not sure but that's a pretty impulsive move off the lows.......

tomj2417

Personally, I am with the bullish count but to me, the move off the low could just as easily be an ABC zig-zag of a downward 1st wave correction as much as an impulsive 1-2 move of an upward wave 5. I will just have to follow the price action and look for clues in the counts if leading/major stocks. Hopefully then the picture can become a little clearer.

tomj2417

The big question here is whether the February 2020 top was it already. I don't know and this count suggests that we may have one more leg to complete an extended 5th wave.

tomj2417

Yeah, I know.It's a very obscure LSE listed etf that doesn't have much relevance to anyone. But as I look through my charts trying to work out if what's happening at the moment is a bear market rally or a continuation of the bull market this chart perhaps, just perhaps, provides me with some clues. It has what seems to be a pretty decent count with things fitting...

tomj2417

Another ratio, another possibility. I'm with the red count on this one with the blue count as a more bearish alternative. Despite all the doom and gloom I keep seeing charts that would suggest another leg up for US equities. Or is is just my biases kicking in.....?

tomj2417

In my attempts to work out if the present rally is the beginning of a new uptrend or part of a larger correction I am will look at almost anything that might provide a clue. Does this ratio of the US market equities to Ex-US equities offer a clue? Perhaps, if this count has any merit (which I am doubtful about due to the very extended nature of my 5th wave). It...

tomj2417 Updated 

Is gold carving out an ABC correction here? Or depending on what your count is that a 5 wave impulse to be followed by some bigger moves to the downside? If I am correct does this also mean some short term US dollar strength?

tomj2417

Here's a chart of the Nasdaq Banking index showing that things could really be hanging in the balance at the moment. On the one hand this count suggests we may be in the final C wave of a long, flat correction that began back in 2007. On the other hand, if the said correction in fact completed back in 2009 then we could perhaps expect the bullish alternative and...

tomj2417 Updated 

Is Oil sending a message to equities today or is it the other way round and oil is about to bottom and head in the same direction as stocks? I'm going with the latter because I reckon that is a clear 5 wave pattern down for oil that is about to complete....

tomj2417

It's funny how the market is only obvious in hindsight and perhaps these 3 counts (4 if you include the blue option to correct further) prove that point. To my thinking they all have things going for them but getting it wrong could be pretty disastrous as the red count is bearish indeed.....The only thing I know for sure is that it will all be obvious after the...

tomj2417

So many charts with the same look and the same question. Is the low in and it's 5th wave time from here or is there a lower low ahead? Wish I knew.

tomj2417

Here's a short term chart of AAPL which to me displays some nice 5 wave patterns and fib measurements suggesting a possible change of direction around the 313 level. The obvious question though is whether this is part of an ABC zig zag correction or the early stages of a possible wave 5 impulse move.

tomj2417

I posted an idea on this stock back in 2017 which, while being more or less correct in it's analysis, came up very short as to the target. The question I have with this count is although I believe there may be a 5th wave coming or even started already, has the 4th wave correction really finished at the short 23.6 fib retracement or are we still due a deeper leg...

tomj2417

I posted an idea on this stock back in August 2019 and it is still more or less following the script. Still amazes me how many times a stock or etf will turn exactly on that 0.618 fib......

tomj2417

Things have been so crazy lately that I even think this chart might have a grain o f something in it. I am suggesting that we have just seen wave 4 of wave 3 play out of which waves 1 and 3 were equal. According to Elliott Wave that can suggest that we may see an extended wave 5. As this chart is the GBP version of this index it could also suggest a number of...

tomj2417

I don't know......seems a bit obvious to me but these stocks just keep going up. Nice fib measurements too....

tomj2417

On the longer term chart it's hard to show the count for what I am suggesting is a C wave to complete an expanded flat correction and it certainly doesn't show 5 waves off the low but a much shorter term I can see such a count. Has wave 4 completed? I'm not so sure that there isn't another leg down to complete the move but price action over the next week or so...