Daily Archives: August 17, 2017

Does Your Neck Hurt Yet From The Metals Action?

By ElliottWaveTrader - August 17, 2017 5:48 pm

Reading most metals analysis in 2017 has been like watching a tennis match with the analysis going back and forth over the net between bullishness and bearishness. As the market reaches its highs, analysts turn bullish, and as the market reaches its lows, analysts turn terribly bearish. And, when the sentiment of the market has reached these extremes, it has marked the point in time when the markets have turned.

As I have also tried to warn all year, anyone who uses trend lines as their primary method of analysis has been terribly whipsawed, as the metals love to exceed trend lines right before they reverse strongly. This is one of the biggest reasons many have become terribly bullish at the highs (right before the market has reversed), and terribly bearish at the lows (right before the market reversed as well). So, does your neck hurt from all this back and forth during this whipsaw? (more…)

Bigger Dips

By springheel_jack - August 17, 2017 4:12 pm

The daily middle band is a, and perhaps the, classic place for a bear move rally to fail, and after three days of failing to break above the SPX daily middle band this rally failed there into today’s solid trend down day.

Since I capped the SPX chart below SPX has delivered a new retracement low. I’d like to see a move down to the 2405 area next to follow the path that I sketched in on the SPX chart at the end of July. Ideally SPX would then backtest 2450, possibly hitting the daily lower band at a lower level there, and then decline to the 2320 area, very possibly making the main retracement low there and setting up a solid dip buy opportunity into the end of the year. SPX daily chart:

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The Hull Has Been Breached

By Tim Knight - August 17, 2017 1:09 pm

I have some things to do this afternoon (and I’ve filled every body cavity you’ve got with trading ideas already, so there’s that) – – thus I will leave you with this one chart of the IWM illustrating that, thank Jesus, we have broken this ascending channel.

Six (Two……….)

By Tim Knight - August 17, 2017 10:19 am

I’m so short, I could jump off a dime, and I wanted to share my latest new positions with you good people. There are eighteen of them, so I’m revealing them six at a time, courtesy of my beloved SlopeCharts. As always, click on a chart to see a bigger version, and click the Back button to return to the original post.

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