The “cardinal point” of the Elliot wave analysis of IBEX  is that from the January 2010 top price has been involved in tracing a large corrective pattern. Then  it is reasonable to label the January 2010 peak as a wave (A) while the corrective pattern in progress is expected to establish the bottom of a wave (B). Therefore […]

Yesterday we got another one = 5 eod prints above the BB Today I begin the daily analysis with the SPY( SPX etf) daily chart since I believe here we have meaningful price information : The Elliot wave pattern from the June 16 low can be counted as an ABC up leg since on  June 23 […]

WAIT AND SEE Yesterday I mentioned that we have intermediate momentum and breadth indicators with a buy signal in place but the s/t ones have reached extreme overbought readings. Therefore we have price in the process of shaping a bullish pattern but at the same time a pull back is due. In addition 4 eod […]

My “working map” considers that price is tracing either a Triple  ZZ (blue count) or a ZZ / Double ZZ from the November 2009 low. The idea is that the corrective pattern in progress will establish a potential major  Top with a wave (B) My primary count is the blue one