Elliott Wave Update on Dow Jones 17 Jan 2010
Here is the Elliott wave update on the Dow Jones as of 17 January 2010. It has been a while since I looked at this chart. Someone sent me a note that Bob Prechter has called the top in this index, and he had read about it in Planet Yelnick. So I decided to take [...]
Wave analysis of Gold. Update 15 Jan 2010
Hello again. I am inclined to say that the post of 31 Dec was based on incomplete data for the short term because of the gaps. I had assumed (presumably incorrec tly) that we had an overlap. Perhaps the 4th wave was lost in the gap, and we really had a full 5-wave pattern there? [...]
India’s Sensex Update 4 Jan 2010
Two consecutive closes above the prior significant high means we should re-evaluate the wave counts and this has been done on the chart. The main suspect until this time is what I have labelled a 5th wave of the third wave. That looks like a 3-wave movement withthe 3rd leg measuring the same as the [...]
Wave Analysis of Gold, 31 December 2009
One of the reasons why traders should learn Elliott Wave Principle is because it gives you clues about the changing whims of the market much before any other system can. Remember, NO ONE can command the market to do as he interprets the charts. However, a smart analyst can tell you a low-risk entry level, [...]
Gold again! Update of 24 December 2009
Now that Gold has staged a smart recovery from the lows, [ and is likely to close the week above 1100 ], I thought it will be instructive to post how one should have traded this final fifth wave. As always, you will find the comments written on the chart itself. Briefly, one could have [...]
Elliott Wave Analysis of Gold 23 December 2009
Many investors and traders must be wondering about the immediate direction for Gold now that we seem to have come well below the 1100 level. My previous comment had said we need a weekly close below 1100 to cast doubts on the call for a fresh surge in the price of Gold. Today, I spent [...]
National Industries Group Kuwait Outlook 17 Dec 2009
National Industries Group stock has come down a lot in the last several months. But we can decipher a clear five wave movement having been completed at the lows. The first leg of a 3-wave correction has already been completed, and the second leg is probably already over, or very near completion. Thus, I am [...]
USD/JPY outlook 17 December 2009
Here is the outlook for USD/JPY in the near term. The first chart shows you some classic relationships between alternate waves. Interestingly, the point “Y” is not the absolute low. We have allowed that because it looks like a spike in the price. The second chart of USD/JPY is an hourly chart. When one is [...]
Medium Term Outlook for Gold
Here is my medium term outlook for Gold. After having overshot the minimum target of 1161 handsomely and reached a high of 1226, gold has experienced a bout of profit taking. In the medium term, the outlook for gold calls for a final push higher before a serious correction can set in. That upward drive [...]
Elliott Wave Analysis of Dubai and Kuwait Stock Index
Here are the charts of Dubai Financial Market Index as well as Kuwait Stock Market Index. I prepared the analysis of Dubai Markets before the news as you can see from the date on top. Both charts are posted here just to illustrate the usefulness of elliott wave analysis of stock markets even if one [...]
Yen breaks higher
The 50-point down move that happened from 88.48 to 87.97 is hardly a consolation when considering the 279 point move that followed. I hope you moved your stop to break even as advised, but even if you had not done that, your loss should have been no more than 20-25 points. In case you had [...]
Has USD/YEN bottomed?
Morgan Stanley has just issued a research note saying there are several reasons why they think the USD/YEN has already bottomed. They are recommending to buy the currency pair with a stop at 84.50 and they think we will see 101 over the next 12 months. I think we will probably get much better levels [...]
Back from holidays
Hello folks! Just to let you know that I am back in office, and still catching up with a lot of pending stuff. A lot of things have happened in the financial markets during my absense, especially in the last few days. Naturally, we will have to look at every market, and its related charts [...]
Sterling, India’s Sensex and Australian Dollar Outlook plus holiday notice
Hello, I am going to be away for a month on holidays. So will catch up with you when I return. In the meantime, here are two quick updates that you might find interesting. One is on GBP/USD and the other on AUD/USD. As for India’s Sensex, I think we have seen a near term [...]
Sharp rally in Sterling was no surprise
On 5th October 2009, I posted an early warning to traders of Sterling Pound (GBP/USD)that there is something fishy about the decline from 1.6742, and we are likely to see another rally in the Pound. Trouble is, it is so damn hard to believe such calls, and when the rally eventually shows up, many of [...]