monday update

SHORT TERM:
A relatively quiet day with a positive bias, and one of the least volatile days I’ve seen in a long time. We opened on a positive note, sold off some, rallied into the afternoon, and caught some selling in the last hour, finishing on the lower part of todays positive range. The far east indices saw new highs, while europe was mixed. The TRANsports was the only index to make new highs today as it continues to extend its rally. There is a very nice impulse wave developed in the ES futures, with near term support is just under todays lows. A positive for the continuation of the rally. Short term momentum is at neutral, and the main four indices are trending higher nicely. The EW pivots: NAZ 2278, 2300 and 2333; NDX 1690, 1717 and 1761; SPX 1273 and 1295 continue to act as the support/resistance range for the indices, as they traded around midpoint all day. Overall a good day! Gold looks like it’s potentially topping here intermediate term. Five waves up from the Nov lows, with negative divergences.
INTERMEDIATE TERM: NEUTRAL
LONG TERM: BULLISH    

About tony caldaro

Investor
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4 Responses to monday update

  1. tony says:

    Hi Michael,
     
    Major wave 5 of primary wave III is doing fairly well, compared to major wave 1. Which means, when primary wave III does conclude the ASX should find support at either major wave 4 (4300) or intermediate wave iv (3900). Right now it looks like 4300 would probably provide good support to any intermediate term correction.
     
    Tony

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  2. Unknown says:

    Further to my previous email, I guess you answered my question with your original response of:
     
    It appears to be in the major fifth wave of primary wave III
     
    So that means that primary wave IV should drop the indices by some Fib ratio, which at a rough guess would mean a couple of thousand points, before primary wave V begins to take it to a new high (unless it truncates).
     
    Regards

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  3. Unknown says:

    Thanks for your chart on the ASX. As I suspected, we\’re heading 5000+. One question, since you\’re long term bullish on the US markets and due to the commodities boom, then presumably that wave 5 on the ASX is only at intermediate level (months) as well?
     
    Regards

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