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Elliott Wave :: Intermediate and Long Term Swing Trading
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Eventually, all bull markets will see significant corrections of price gains. During the last secular bull market from 1982-2000, SPX saw corrections of 14.18%, 35.94%, 20.36% and 24.51% on its way to a gain of 1419%.
Even the terrifying 1987 crash was nothing but a correction in a perfectly trending long term bull market.
In my view SPX and US equities in general are in the process of finishing a bull wave that started in November 2012. It is possible that the bull wave can see a significant extension from current levels before it completes, but analysis tends to support limited upside and substantial downside risk going forward. When equally viable Elliott Wave counts compete, the technician needs to examine the technicals, liquidity, sentiment and psychology of the market to see which count is better supported by underlying conditions. In my view there is substantially more evidence to support a correction than there is to support a bullish extension at this time. For this picture to change, we would need to see a fairly immediate and aggressive bull breakout move at the outset of 2015. Failing that, if we see a continuation of last week's selling, it is likely that a sizable correction will be nearby.
The Indain Share Market ends a highly volatile recovery session after yesterday’s amazing sell off. the market staged a dramatic comeback on Monday.
The reason for this relief is some strength in Indian Rupee that is trading slightly positive against USD.
The Sensex has trimmed its earlier gains and ends the day 291 points higher at 26,032. Nifty climbed 72 points to close at 7,881.Tata Motors and Reliance Industries extended rally, up 7 percent and 3…Continue
The weakness on Wall Street follows stock declines around the globe. Indian Shares markets finished in the red.
The Sensex and Nifty have dropped sharply into the end of the week remains vulnerable, down 701 point closing high. 22 of the 30 Sensex stocks ended the day in the negative terrain.
Friday selloff pushed the sensex more than 250 points Heading into the session the sensex was down 0.88 percent at 27366.07 while the nifty…Continue
Indian Share market ended with gain on Wednesday After enjoying broadly lower opening.
The overnight weakness was followed by a shaky session in today. Indices made a brief appearance in the green before revisiting their morning lows.
The the S&P BSE Sensex slid over 100 points, or 0.36 per cent, to settle the day at 27931.64. The 50-share Nifty barometer closed at 8495.15, up 28.60…Continue
The stock market ended the Friday session on a modestly higher note after a stellar rally throughout the day ends the choppy week mostly higher.
Asian markets and the yuan stabilized after a rocky week, while hard-hit oil dropped further. However Gold were little changed.
The Sensex was up 517.78 points or 1.9 percent at 28067.31 and the Nifty ended up 162.70 points or…Continue
The home-builder stocks have been coming under some selling pressure since the start of April. Many talking heads in the financial media are now calling the sector run as being over. Most traders…Continue
This morning, leading off-price apparel and home fashions retailer The TJX Companies Inc (NYSE:TJX) is declining lower after reporting earnings. The TJX Companies Inc operates its stores under the…Continue
The iShares Dow Jones Transport. Avg. (NYSEARCA:IYT) has continue to rally to new all-time highs in recent days. Even today, with the market under pressure, transports are higher. Why? Simply put,…Continue
Just a couple months ago, Janet Yellen issued a warning that biotechnology may be in a bubble. Today, the iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) are 20% higher. While Janet Yellen was…Continue