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In-depth Analysis DJI SP500 FSTE SPI ASX200 Gold Copper Oil Forex AUDUSD EURUSD Dollar & CFD Trades FREE TRIAL

EarlyBird – Technical Analysis CFD Trading Report – The Day Ahead

Dow Jones – 11, 800 +2.31%
Base Metals Positive
US Gold CFD: 1650
Oil WTI CFD: 91.63
Copper CFD: 345
US Dollar CFD: 76.20
EURUSD 1.3947
AUDUSD 1.0480
Dow Jones CFD 11,900
S&P500 CFD: 1,252
FTSE 100 CFD: 5550
SPI CFD 4275

US News
NEW YORK -(Dow Jones)- U.S. stocks jumped Monday, pushing the Nasdaq Composite into positive territory for the year and the Standard & Poor's 500-stock index to the cusp of it, though stocks moved off session highs in late trade.

The Dow Jones Industrial Average advanced 78 points, or 0.7%, to 11889 in late-afternoon action. Caterpillar was leading blue chips, gaining 4.8% after the maker of construction and mining equipment reported third-quarter earnings that beat expectations and raised its outlook for the year.

The Standard & Poor's 500-stock index added 12 points, or 1%, to 1251, led by materials, financial and technology stocks. The index was 0.55% below break-even for 2011 as of late afternoon. The Nasdaq Composite gained 55 points, or 2.1%, to 2693.

Investors reacted to a set of merger announcements and were heartened by the lack of new negatives from Europe, whose sovereign-debt crisis has wracked investors for months.

CFD Commodities

US Gold CFD: 1650
The trend up, will either create a corrective pattern now on the 1650 or will go to the SG2 1672 first then come back to the 1650 for a corrective pattern. You should expect the price to at least have a small correction at 1650 (abc) at 1650 before pushing to SG2.
Remember that the 1660 is the 61.8% retracement level and then the old supply is through SG2 1665 I 1672 I 1680, and silver is meeting supply now to at 32, but while base metals are expanding upwards the precious metals will continue higher, obviously this is great for BHP etc and we can see the US BHP has further upside from looking at the wave count

Oil WTI CFD: 91.63
Look at Oil create the Tradinglevels Classic pattern across 90 (MediumLevel ML9)
The current move above 90 is the ‘First High’ above the level, it will push up in five smaller waves starting at 84.20 and will reach 93+ once the five waves are completed then a retest of 90 as an abc correction. If support on ML9 is found then we move to the next level 100 (TL1) and consider this a retest of 100 which would be in line with the US BHP wave count, any way as always one support level at a time

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.45+
US Nickel:             Last: 9.07+
US Zinc:                Last: 0.84+
US Aluminium       Last: 0.98+

Copper CFD: 345
There is strong resistance at these current highs 345, 348, 350. Expect the price to slow down into these numbers, this will also slow down other related markets Nickel, AUD, BHP…

Forex

US Dollar CFD: 76.20
We should be seeing support now for the Dollar at 76 and resistance for the Euro 140.
As there are five waves down from the last high 77.77 to current lows this is the same for the Euro to the upside, this slowing down in support and resistance doesn’t mean the end  as there can be another wave to come, this is the same for Indices and we will go over this in the EarlyBird video The other point is that the Euro is moving up on lower volume over the last two sessions, this helps confirm the 140 as resistance

EURUSD 1.3947
TradingLevels: 13930 is the top of SG1 if it maintains support then it will continue to testing the Midpoint 13950, if support is found on the Midpoint trade long to SG2 with the 13972 as the profit taking, if this 72 finds support trade up again. If the 13930 (13927) fails to hold then look short, but getting through SG1 levels is normally bouncy.
Elliott Wave: Count five waves up from the 13655 low to the current high, which can go to 140, in this five waves we are in the last 5^th wave which starts from the around the 13820, which can be completed at 13950 this would only be confirmed if the price broke down through 13920 – 139. The reality is that 13930 has support
Trading Strategy: Trading the Sublevels as a possible retest of 139 is possible .

AUDUSD 1.0480
TradingLevels: The test of the 1.05 is under way and expect a reaction and a corrective pattern here, not a trend.. Expect the normal TradingLevels pattern, Reaction, Support, First High, ABC correction at 1.05, the number 5 is the second strongest number psychologically.  
Elliott Wave: There are two ways to count the impulse wave up, one version is covered on the Elliott Charts in the AUDUSD section and the other here in the EarlyBird, but for the short term it doesn’t matter as the price will be working the 1.50 level
Trading Strategy: Working trades around a whole number like 1.05 we need to also work with the smaller levels both sides of the 1.05 the SG1 above and the SG2 below

Indices

Dow Jones CFD 11,900
TradingLevels: 12,000 Resistance
Elliott Wave: The 61.8% retracement level from May 12,876 to the current low Oct 10,404 is roughly 11,930, so we can accept 12,000 as a top, however if the 12,000 has the normal corrective pattern (abc) then finds supports, then we can expect a much bigger move in the Dow. We can and will also be looking at other markets like the Dow Transports, its 61.8% and closet largest number is 5000, both the 5000 and the 12000 are also supply levels (sellers) and this would be true for other markets and Indices, so we have to expect the market to slow down into these numbers, if they find support then fine, if not they will become the resistances and we are short again
Trading Strategy:  Expecting the Indices to slow down into these large numbers, we can expect this in the Currencies and Metals.

S&P500 CFD: 1,252
TradingLevels: Allow time for the normal corrective pattern to unfold at the Midpoint 1250, if after three swings, abc pattern the price finds support then trade to 1272 and exit. If the 1250 fails to develop support then a top is in place. The squaring of the corrective pattern at 1200 can get the price to 1280  
Wave count: counting five wave up from 1200 last low, the current intraday high is either wave three or five, if its three then expect and abc at the Midpoint 1250 then another smaller five waves up to 1272 SG2, if the price move down below 1227 then a top is in place, but of course from a trading point of view that’s too late so work the 1250 and understand the levels above and below the 1250 as 1253 and 1248 being group1 and 2
Trading Strategy: wait and work the sublevels

FTSE 100 CFD: 5550
TradingLevels: There is plenty of resistance at this high 5555
Elliott Wave: Five waves up completed from the 5350 to the current high
The 5600 is the 61.8% retracement level
Trading Strategy: Look for weakness from this high, the 5530 I 5520 I 5510 SG1 will create support from a bouncy price action, but if true weakness is going to come in from this high then look for Impulse waves down (five wave structures on the intraday chart) Otherwise wait for the 5550 to become support before trading higher

SPI CFD 4275
TradingLevels: Expect weakness to start here 4272 Lock in 75% profits
Elliott Wave: Impulse wave up, counting the five waves up from the last low  4115 that should complete into 4300 – 4330+
Trading Strategy: There is resistance ahead from 4272 - 4333

Summary

The DJI SP500 FSTE are at or close to their 61.8% retracement levels from the May highs, these levels are also supply (sellers) levels, there are also wave counts that also complete in these areas, we have to expect resistance. Yes ASX stocks will run up while the Indices are at highs, but understand there is resistance ahead and profits on longs need protection.

If Indices, after a corrective pattern find support on their respective levels Dow 12,000 ASX 200 4300 we will go long.

Base metals, precious metals and currencies are also at their resistance levels, so all markets will work together, the AUD at 1.04 the Euro at 140, Copper 350 Gold 1650 and so on.

Weekly Cycle; Tuesday morning is profit taking with the trend resuming afternoon

Trading Quote
Your imagination is as good and as deep as your pockets

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
8:45am  NZD        CPI q/q    0.8% 1.0%  
9:00am  EUR        ECB President Trichet Speaks      
10:00am  AUD        CB Leading Index m/m     -0.1%  
10:00am  AUD        RBA Deputy Gov Battellino Speaks      
5:00pm  CHF        UBS Consumption Indicator     0.79  
5:00pm  EUR        GfK German Consumer Climate    5.1 5.2  
7:00pm  EUR        Italian Retail Sales m/m    0.1% -0.1%  
7:30pm  GBP        Current Account    -9.9B -9.4B  
7:30pm  GBP        BBA Mortgage Approvals    36.3K 35.2K  
7:45pm  GBP        BOE Gov King Speaks      
11:30pm  CAD        Core Retail Sales m/m    0.4% 0.0%  
11:30pm  CAD        Retail Sales m/m    0.5% -0.6%  
12:00am  CAD        BOC Rate Statement      
12:00am  CAD        Overnight Rate    1.00% 1.00%  
12:00am  EUR        Belgium NBB Business Climate     -9.4  
12:00am  USD        S&P/CS Composite-20 HPI y/y    -3.6% -4.1%  
1:00am  USD        CB Consumer Confidence    46.2 45.4  
1:00am  USD        OFHEO HPI m/m    0.1% 0.8%  
1:00am  USD        Richmond Manufacturing Index    2 -6  
3:30am  GBP        MPC Member Bean Speaks 

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

CFD Trading Strategies (Robo Trading Strategy)
CFDs, CFD, Contracts for Difference, Trading CFDs, CFD Trading, CFD Reports, CFD Trading Strategy, CFD Strategy, CFD Strategies, CFD Trading Strategies, CFD System, CFD Trading Systems, CFD Trades, CFD Analyst

Dow Jones CFD 11,540
TradingLevels: Ok, the rally is here, corrections are the trickiest part of Elliott Wave they are the weak spot, Elliott unfortunately only developed three rules when using his method, the Impulse wave is straight forwards, corrections, can be simple or complicated, we can also use the tradinglevels to sort out the basic of being long or short, so while the price is above 11500 the MediumLevel the market has to be treated as bullish, if the price finds 11500 as resistance we are bearish, it’s that simple.
Elliott Wave: Wave counts and targets, most futures markets created a Gap on the 21 Nov and these Gaps would be target points, they are however quite high, we can’t say if they will be covered or not, all we knew is that there would be a rally and this current move up could also be the first leg of three swings, we just don’t know yet. The move up was swift and is now running out of steam
Trading Strategy:  Let’s just keep it simple, let’s just give the price time at 11,500 to develop either a stronger support or find itself as the resistance. there is the case for the current high to be the top now, this is from one internal wave count, but I don’t want to call a top without evidence of downside structure, the levels and volume, it better to see the current price searching for support on 11500, the internal volume supports this view, the next level up is the 11650

S&P500 CFD: 1190
TradingLevels: Gap target 1212, current resistance mTL2 | 1200 support SG2 1172 zone
Wave count: abc rally wave four, the 38.2% retracement level is close to 1200
Trading Strategy: Apart from scalping, when the 1172 becomes the resistance then short.  If the price finds support on 1200 trade to 1215

CFD Trading Report S&P500
Elliott Wave US dollar is lower across the board after a gap on Sunday against all FX major currencies. The S&P Futures also gaped higher for around 20 points from 1153 Friday close on news that IMF is preparing a EUR 600bln loan for Italy in case the country’s debt crisis worsens. We however warned on you already on Friday about potentially US dollar weakness when the S&P500 (cash market) moved into a wave three support zone. On the updated S&P Futures chart we can see that wave (iv) is now in process, which means that downside remains in play for this market, while prices trade below 1217 on a “daily close basis”. So once the S&P Futures will find a resistance in wave (iv) and will move lower into a wave (v), US dollar will continue higher! However, be patient for, cause thats still not the case!

CFD Trading Report

I won’t place any new long trades out until I see the volume in the afternoon.
Also protect profits on long trades as Tuesday is profit taking day.

CFD Trading Systems Technical Analysis
TradingLounge.com.au creates and uses this report to understand market direction for the opening of the Australian market for its CFD Trades that also come from the TradingLounge’s mechanical CFD Trading Systems Daily Robo System 1 & 2 you can get a free trial of this cfd trading report and CFD Trading Systems Daily Robo System 1 & 2 you at tradinglounge.com.au

CFD Trading Sytems & CFD Strategies Report

VIDEO Technical Analysis Report YouTube http://youtu.be/Q2rOpIPjNK8

Dow Jones – 12,019 -0.01%
Base Metals Positive
US Gold CFD: 1738
Oil WTI CFD: 101
Copper CFD: 358
US Dollar CFD: 78.72
EURUSD 1.3390
AUDUSD 1.02
Dow Jones CFD 12,010
S&P500 CFD: 1246
FTSE 100 CFD: 5510
SPI CFD 4290

News
NEW YORK -(Dow Jones)- U.S. stocks finished barely changed in Friday's session to cap a strong week after the U.S. unemployment rate unexpectedly dropped and European leaders and central bankers redoubled efforts to tackle the sovereign-debt crisis.

The Dow Jones Industrial Average finished with a loss of 0.61 point, or less than 0.1%, at 12019.42, but surged 7% this week, the biggest weekly percentage gain since July 2009. The Standard & Poor's 500 stock-index shed 0.31 point, also less than 0.1%, to 1244.28, but added 7.4% this week, the steepest weekly rise since March 2009. The Nasdaq Composite eked out a rise of 0.73 point to 2626.93 and ended the week up 7.6%.

A stronger-than-expected monthly jobs report and signs of progress were not enough to sustain a triple-digit Dow advance early in the session. Stocks tracked a swift mid-session decline in the euro, with European bond yields also changing course midsession.

CFD Commodities

US Gold CFD: 1738
Daily trend line resistance creates daily bar reversal.
This has also occurred in line with the bounce on the US Dollar and the lower Euro, the Lower Euro hasn’t been confirmed by the SP500.
Elliott Wave; we are considering the move up corrective and the main wave count would end here now with the spike into 1760 or SG2 1772, this is a wait and see, waiting for confirm impulse wave down and or a move below 1720.
TradingLevels; if the price finds support on 1750 the Midpoint, then expect 1772 to be reached.
Flipside; US Dollar wave count is likely to move from the 78 support to above 80, this of course will apply pressure for Gold to move down? The other market that can help confirm is US Copper if the price finds 350 as resistance then you have base metals on your side. There is likely to be softness in these markets as the US Indices meet supply right now.
Trading Gold; long with support on 1750, short with 1720 as retested resistance and add as the 1700 becomes the retested resistance of Long if 1772 and SG2 develops support
Silver; is still working through the mTL3 level 33.00 wait for a Failed Retest of 33.00 before shorting, the mTL2 level 32.00 is the pivot with this MinorGroup1 and if this becomes the resistance, then expect he price to eventually move through TL3 Major TradingLevel and is likely to move quicker than gold IF this market is to move down because of the slight divergence. 

Oil WTI CFD: 101
Oil is developing support on 100 (TL1 Major TradingLevel) This creates the long bias and trade, stops at 99.63, If 101 develops support then work that level, make sure it has been retested first confirm that support is there!  Oil has been flipping in and out of moving with stock and dollar but is also getting back to its old self of doing its own thing, so we have to trade it for what it does alone and currently it has retested 100 as support will it climb higher stepping though the sublevels group1 (SG1)  (101 | 102 I 103 ) support on this SG1 would place the price at 105 the Midpoint and support on this creates the price at 110 the first MinorLevel mTL1

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.56+
US Nickel:             Last: 7.96+
US Zinc:                Last: 0.92+
US Aluminium       Last: 0.94+

Copper CFD: 358
While copper is above 340 the Elliott wave structure up remains positive.
TradingLevels, while the 350 remans support the market is positive, it can be retested to 347 as a larger correction unfolding at this level, if the 350 becomes the retested resistance then the market bias is negative, this is an important line in the sand for the ASX market and our current long bias with the Robo trading

Forex

US Dollar CFD: 78.72
The US dollar should now move above 80 and the Euro down, however these sharp moves  are not confirmed by the SP500 Dow or Treasuries?
Trading Dollar, when the price finds support on 78.72 (SG2) then trade long and short in the Euro

EURUSD 1.3390
TradingLevels: The rally back into 134 appears corrective, so expect 134 to become resistance, if this is the case then bias short, if the 13372 SG2 becomes the resistance then add to the short position, if you see the SP500 move down then markets are back tune and continue short Also expect the US Dollar to correct / swing across 79 in three swings, if after that the dollar finds support on 79 then add to the short on the Euro
Elliott Wave: While the Dollar is above 78 and the Euro below 135 then we can have the change in trend, but we need to US Indices to confirm this, this is the tricky bit as the Asian still appear to have another swing up, the ASX above 4400 perhaps even the 4500 if it extends. So the Dollar and Euro if correct would be leading the turn?
CFD Trading Systems: If you were short under the 13472 then you would be out at 134, if not then if 134 becomes support think of the exit or 13430 becomes support exit, if the 134 becomes resistance then look to short under the 13372 SG2.

AUDUSD 1.02
TradingLevels: Same - The price is in SG2 1.01 | 1.02 | 1.03  the 1.02 is the central pivot and support or corrective pattern here would see the price above 1.03 and support on top of SG1 1.03 separates the price from 1.00 psychologically  speaking. The current support on 1.02 is positive and any long trade would be taken off the support on its group1 1.0230, the main resistance would the 1.0272
Elliott Wave: Expect a larger corrective pattern at 102 as the Dollar is expected to push higher to 79 and correct across 79 if it finds support then it will push up and the AUD down under the 102, the 102 as resistance creates a bearish bias for the AUD back to 101 or 1.00
CFD Trading Systems: Allow the market time to work out if the 102 pivot (10172) as support or resistance and work the trade from there, expect the price to stay in SG1 in a larger corrective pattern. The RBA Rate and Figures on Tue are likely to create the break out.

Indices

Dow Jones CFD 12,010
TradingLevels: The 12172 target was achieved and now the 12000 is being tested as support or resistance
Elliott Wave: Friday – five small intraday waves down from the high – either Wave 1 or A
Count 1: Corrective rally completed - The 12172 SG2 high can be the top of the abc rally wave count and if this is the case then the market will work down form here, the US and the Euro are confirming this, but we are yet to really see it in the US Indices yet?
Count 2: A bullish wave four unfolding across 12000.
CFD Trading Systems:  The five small waves down from the high will see a abc rally then another five waves down, that is a bounce off 12000 then a move below, the question is will this three waves down turn into a larger five waves down creating the top, we just need time to see. The Euro and Dollar are leading the possibility of a top being in place.  The ISM US manufacturing figures tonight can create the bounce abc bounce?

S&P500 CFD: 1246
TradingLevels: Keeping it simple, give the 1250 to become the support or resistance
Wave count: There are two counts we are following, one is a top in place now and the other is a corrective pattern at the 1250 and then another move up above 1272, so far the US Dollar creates the bias for the SP500 top being in place, but more evidence is required, as the Asian markets are suggesting higher, any way we will be patient and work through this
CFD Trading Systems: long or short from the 1250 as support or resistance, on the retest of this price.

FTSE 100 CFD: 5510
TradingLevels: The corrective pattern is still unfolding across 5500 within the range, we just have to allow it to unfold, it will show itself as support or resistance.  You know the SG1 above and the SG2 below to help create a trade, the 5472 as resistance for the short and the 5530 as the long
Elliott Wave: We are working two wave counts on the US markets and it’s the same here for UK, one, a top can be in place at the last high or a larger corrective pattern unfolding, we just cant be sure either way, so time is need to see.  
Trading Strategy: No strategy for the next session while the price is at 5500 it should become clearer by Wed as the US markets will only create a abc rally then five down on the intraday.

SPI CFD 4290
TradingLevels: Support SG2 (4265 | 4272 | 4280)
Elliott Wave: The Wave structure is still unfolding higher, however a wave four corrective pattern is unfolding across 4300, see the chart on the SPI. As you may be aware we are working two wave counts on the US markets and one of those counts has a top in place now, this can reflect back here, this count with the top in place is being confirmed be the US Dollar, any way just be careful here at the 4300, at minimum expect a corrective pattern at mTL3 4300. The move down last night is in five waves, this will produce another five waves after a bounce off the SG2 4272
CFD Trading Systems: the 4220 is the line in the sand for being long or short

CFD Trading Summary

I have left Friday summary below because so much of it is relevant now and through to the Euro meeting 8/9^th Dec. The only element that we need to keep an eye on is the weekly cycle as Friday’s closing was strong as we were expecting and therefor looking for the follow through on the Monday with profit taking on Tuesday, but this is a concern as the Dow was softer, this too was expected as there was not follow through from the five central banks allowing lower credit, but that’s no surprise either as it didn’t work the last two time they did it, but the Euro meeting on the 8/9^th can pull a rabbit out of the hat if they really wanted too, but in the mean time we have to deal with what we see and we see two possible wave counts, one, is a top in place now for the Dow, the second a larger corrective wave four pattern at 12000, we just don’t know, we can see the Dollar bounce which would help confirm lower prices for the Dow, but the treasuries have only slightly confirm this but not enough to call the turn, Monday in the US will still not confirm the larger degree of pattern either as we can see the internal intraday pattern and know how that will play out but even once that is finished its still not enough evidence to confirm the next degree, so it’s a wait and see scenario.
The ASX200 and the Asian region has a more positive picture, however the ASX200 requires support on top of 4300 (MinorGroup1) support on this would see the 4500 the next level as the target, but this support is a long time coming, the XMJ Materials sector will find the 11500 as the resistance even though the supply is a little higher the XXJ Banking sector can run higher to the 4800 and a likely driver.

The 44 day cycle for the SP500 on the 7^th Dec for the technical and the fundamental financial event on the 8/9^th Dec Euro meeting are the catalysts for higher or lower prices and are good times to reduce position sizes by half, there is a time for being defensive and a time to be active, you need to choose the battle you know you can win 

Friday’s CFD Trading Systems  Summary

The markets did not follow through last night, this is not a strong bullish action.
That said the small intraday patterns do appear to be corrective and therefor can expect a move higher tonight in the US, the catalyst will be the US Employment figures as the ADP figures on Wed were up, but this would also be priced in, so it’s the expectations.

In terms of the wave count for the US markets, there is the case for the markets to roll over right here and now as and abc correction up is completed, or we are going to see these three waves turn into an impulse wave i.e. five waves, which would take use around to mid next week. There is also the Euro meeting on the 9 Dec, so the next  from Wed the 7^th and the 9^th and may as well chunk in the full moon on the 11^th Sunday can all be turn points for this move, the 7^th is also the 44 day rally which I will explain in the video.

The weekly cycle for day trading, the Wednesday panned out on track as did Thursday yesterday opening higher and closing lower like BHP and CBA did, so Friday, if Friday closes higher on stronger volume then Monday will also be the bull day, refining that a little starts on Thursday, when the lower close closes on lower volume (i.e. no sellers) then Friday morning starts to see some support that gains during the day to create the stronger close, so the trading cycle is to scale in on the low volume and low price on Thursday and start adding Friday as you see the climb in price and volume and keep your fingers crossed for a bullish move on Monday :-}

Trading Quote

Don’t risk more than you cannot look at positively later. Don’t let the outcome of one trade alter your trading discipline. One trade doesn’t make a system…

Today's Financial Events

Time     Currency   Detail     Forecast    Previous
9:30am  AUD        AIG Services Index     48.8  
10:30am  AUD        MI Inflation Gauge m/m     0.1%  
11:30am  AUD        ANZ Job Advertisements m/m     -0.7%  
11:30am  AUD        Company Operating Profits q/q    3.2% 6.7%  
8:00pm  EUR        Final Services PMI    47.8 47.8  
8:30pm  EUR        Sentix Investor Confidence    -21.4 -21.2  
8:30pm  GBP        Services PMI    50.7 51.3  
9:00pm  EUR        Retail Sales m/m    0.2% -0.6%  
2:00am  USD        ISM Non-Manufacturing PMI    53.6 52.9  
2:00am  USD        Factory Orders m/m    -0.2% 0.3%  
4:10am  USD        FOMC Member Evans Speaks  

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

CFD Trading Report - Technical Analysis Gold

CFD Gold 1 Hour Chart Elliott Wave
Perfect follow through on gold, after the prices retraced for 38.2% in wave ii as highlighted on Friday, before market collapsed sharply through wave i supports. A fall during Asian hours was very sharply and it seems we are trading impulsively, primary in wave ii which may reach 1670 area in the coming sessions.

Trading Strategies

S&P500 CFD: 1215
TradingLevels: The Pivot 1220 within SG1 of 1200 has some small resistance which helps makes the price part of 1200 story and there the 1172 SG2 zone
 Elliott Wave: As you know we cannot confirm intermediate wave (3) down yet. We can’t also rule out the markets making one more new high and the Elliott Wave count on our site reflects this bullish possibility and it may be a week before we can have evidence in the structure. The short term trend is down so being short is the correct trade.
Trading Strategies: Stops at 1233 wait for 1200 to be the retested resistance before adding to shorts.

SPI CFD Day Trading Strategies

Code: SPI CFD / ASX200 XJO
Date: 20 December
Chart: 4 hour Chart
Two basic points, the 4000 as MediumLevel Support and secondly the Trendline support.
EarlyBird Report Comments:
SPI CFD 4080
Technical Analysis
TradingLevels: If 4100 becomes the resistance then the price would work lower to 4000 where it would likely bounce up in three waves
Elliott Wave: The pattern on 4000 over the Oct Nov period is open for interpretation, however it is forming a triangle pattern and that means when its completed a move down will occur. So what does completed look like, well a triangle in Elliott theory is five swings abcde and so far we have the abcd the current low can be the wave d, so eventually we would see a wave e up, how far would the wave e go, the 4200 is the pivot within Minor Group1 so I could see it finding support on 4200 based off the current low the 61.8% would be the 4200.
Day Trading Strategies: Move stops down to last high above 4100 after the second retest of 4100. New trades need to work SG2 {4080|4072|4065} then the Midpoint, there is a daily trend line cutting through the 4030 – 4050 are double check this. Essentially one the market opens and settle being on the right side of 4072 is the starting line.