I haven't been making many intraday post to my Twitter account lately as I am busy working on adding an audio component to my work. I think hearing and seeing my analysis is a better way to learn firsthand how I'm using Elliott Wave to identify high probability trade setups in real time.
Moving forward I'll be using video for my "Market Pulse", " Heard On The Street" and "Global Gains" publications. I'm looking forward to getting some feedback from everyone.
Elliott Wave Analysis:
The Market finally cracked or did it? Today's opening gap down was followed by significant selling pressure on heavier volume. While the price action looks impulsive on lower time frames, one day doesn't confirm that a tradable top is in place. For tomorrow I'm anticipating a rally that should not exceed 1295 if w.(2) had indeed ended. After an initial five wave decline, the first rally (a second wave) from the beginning of a directional trend change will fail on what appears to be a strong opening but by the time the market closes it's down for the day on heavy volume. Astute market technicians will not be fooled as volume will contract as wave c completes. Also, on an hourly chart a technician will be able recognize when the rally fades (a completed w.c) and an increase in volume as selling resumes. This will add to the bearish case. If this decline is for real, the near term target is the previous forth wave (1172.25).
Best of Trading
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