This will be the last market update for the year. The next update will be on Monday, January 3, 2011.
ELLIOTT WAVE ANALYSIS:
The markets that I'm going to cover tonight are the E-min S&P and Gold.
S&P
The ES_F market reached the first target for w.v of w.5 of w.(C) of w.(2) of 1258 - 1258.50. The final hour of trading yielding a bearish engulfing candle which is also an outside bar. I'm expecting some weakness in the ON session or early on in the regular session. Trade has been on light volume so it's hard to get to excited absent of a completed five wave decline that draws down below 1247. For further details on other upside targets see http://elliottwavelive.blogspot.com/2010/12/market-pulse-daily-perspective_27.html
Gold
Gold has traced out a w.4 triangle that completed at 1372.4. The initial upward thrust should carry this market to 1423.1 that would complete w.1 circle.
Interestingly, Gold has most recently developed high-high and low-low cycles. Looking at the daily chart above, from w.3, the number of trading day counts are provided. Accordingly, the next high should be reached on January 3-5 +/- 1 day. This bodes well with the current wave labeling.
Best of Trading
No comments:
Post a Comment