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»OIL APR/MAY 2012     »S&P500 APR 2012

Elliott Wave - OIL APR/MAY 2012

The Trade

Date of Entry: Friday, 27 April 2012  

Analysis: Elliott Wave

Profit Targets: 

The Post 1: The Technical Side

Friday, 27 April 2012 at 5:37:00PM AEST

OIL 4 Hour Chart – sideways


Oil is trading sideways for the past few days, so its very hard to follow those intra-day waves. However, a recovery is contra-trend, and has a corrective personality, so we will continue with observing a possible one-two one-two bearish scenario.

Critical support at 101.50/70 must be out for weakness beneath start of April.

The Post 2: The Technical Side

Tuesday, 8 May 2012 at 4:50:00PM AEST 
OIL 4 Hour Chart – downtrend continuation

USDJPY is still falling sharply, despite a significant rally seen in March 2011 when we thought that prices have reached a significant bottom. Well, now the price is trading very close to that March lows, so it really seems that we need to focus on current price action which is down and eyeing even lower levels. 
An updated count suggests that wave V) is still in progress, headed once again to lower support line of a wedge pattern.

Maximum lows for wave V) are around 69.50, otherwise a red wave III) will be the shortest and wave count wrong of course, since we know that wave three must never be the shortest wave when compared to waves one or five.

The Charts

27 April 2012:



8 May 2012:

»TOP

Elliott Wave - S&P500 APR/MAY 2012

The Trade

Date of Entry: Friday, 27 April 2012  

Analysis: Elliott Wave

Profit Targets: 

The Post 1: The Technical Side

Friday, 27 April 2012 at 5:26:00PM AEST

S&P500 1 Hour Chart – B flat


S&P500 broke through the 1393 resistance and accelerated towards 1400 level, which is a very strong resistance area. As you can see on the chart below, we now identified a recovery since Apr 10 as a corrective move, called a flat pattern. In fact, we already have a needed five sub-waves within wave (c), so top should be seen very soon. A bearish impulse beneath 1384 will be a key break for weakness towards 1358.

The Post 2: The Technical Side

Tuesday, 8 May 2012 at 4:43:00PM AEST 
S&P500 1 Hour Chart – wave C underway


S&P500 is trading impulsively lower as expected and found a temporary base yesterday around 1360. Current minor bounce is wave (iv), which should send prices lower in sessions ahead, while 1393 holds.

Overall, an impulsive wave C should reach levels around 1330/45 in this week, where low could be seen. Keep in mind that the whole structure from April 02 is still contra-trend movement on the larger time frame!

The Charts

27 April 2012:



8 May 2012:

»TOP