Elliott Wave Live: The Market Wrap

Monday, March 14, 2011

The Market Wrap

The weekly chart of the all sessions contract has been updated to include today's session. For those readers who may have missed my weekly publication, this chart and the subject matter of tonight's post will be a follow up to that video. If you haven't watched it click here

The Market continued to test lower prices but the the 127720 support area is formidable. Should that level be broken to the downside then I'll be looking for a test of 126260. Deeper support comes in between
1226-36.

At the daily chart level, the session ended with a candlestick pattern called a djoi. Dojis reflect indecision... a warning sign to traders that may signal that a change in momentum is nearby. Given the bullish secenario that I have detailed in my weekly publication and the fact that the doji is confirming nearby weekly support of 127720, I just may have been one bar early in the wave count and calling a short term bottom. Regardless, the chart still doesn't count well and nothing that transpired today changes the forecast that I provided in yesterday's video.

Here is a closer look of the daily session and doji, along with upside resistance labels. If the bearish interpretation is in the cards, any rally attempt may test the downside trendline of the triangle and open gap at 1312 before another round of selling. Given the lackluster close and the fact that the door remains open on both counts, what would really convince me that the bears were taking control is a significant close below the price channel. Tomorrow, that line crosses 1276.

So until the market shows it's hand, we need to remain patient. Until then,

Best of Trading

2 comments:

MGDMarch 15, 2011 at 9:10 AM
Premarket is awful..so I guess we have some kind of downtrend confirmation...I wonder where this selloff may stop, because it looks like is just starting
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MikeMarch 15, 2011 at 6:49 PM
MGD - using the June contract, the market held 1250.25-1251.25 which was the 1.618 extension measured from the top and the first recovery swing of 133125. It also was the Monthly pivot support of 125125. These levels appears to have halted the decline. If I have time later tonight I may make another post.
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Monday, March 14, 2011

The Market Wrap

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