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In recent updates I have called for the S&P500 index to remain well bid, warning we could see 937. That level is very close, and not far from another resistance at 943. I continue to remain positive in the very near term for the market
The 886 level in S&P didn’t hold for long, and any shorts there should have been stopped just above that…
You will recall that in my last update of 23rd April, I had warned of another move higher. Once an…
First, remember that we are not discussing a major top for S&P500. What we are focusing on now is the top around 875 because we determined that a five wave rally that had a diagonal triangle in its fifth wave position is badly in need of a correction.
We got the break in the index as anticipated, and the recovery looks good too. Be alert for a failure…
On 1st April, when the S&P500 index was at 797, I suggested that we will get a move to just short…
One of the key take-aways from Elliott Wave Analysis is that there is an underlying harmony in the markets, even though it appears chaotic while the moves are happening. It requires some effort to determine where the likely pressure points are, and a lot of guts to stake some money when those levels are reached
A couple of days ago, I tempered my bearish view on Gold by presenting a 30-minute chart. The sideways movement appeared to me as the beginning stages of a complex correction. Unfortunately, while the correction was “complex” in text-book terms, it didn’t quite recover sufficiently to give us another chance to shout “sell”.