Erythromycin Name Brand, Friday, January 28, 2011
BEARS SHOW TEETH, TOP LOOKS GOOD HERE; EURO UPTREND BROKEN
Using my Elliott Wave analysis fundamentals can give us an edge on predicting future movement of the financial markets.
I'm going to cut back my postings and saturate a few postings per week with the core elements to focus on. Since EWI's Short Term Update comes out Monday, Wednesday and Friday, I will post my core thoughts and charts Tuesday and Thursday to help fill in the gaps that many wavers might feel they have, Erythromycin Name Brand craiglist. On Monday, Wednesay, 30mg Erythromycin Name Brand, Friday and sometimes Sunday I will post internals data and brief comments on the day's action.
Internals were very weak today as you can see above. There were 2049 more decliners than advancers on the NYSE, down volume was 87.3% of total volume, Erythromycin Name Brand us, 463 S&P 500 stocks closed down, and total volume on the day was 1.34 billion NYSE shares, Erythromycin Name Brand ebay, which is quite high for a Friday. All-in-all, it was a very bearish day today and a lot of profit taking, and fear, entered the market today, Erythromycin Name Brand. A solid bear victory no doubt, and it now leaves the doors open for some significant and sustained follow-through. Whether this is just a mild pullback after hitting the round numbers yesterday (Dow 12, 40mg Erythromycin Name Brand,000 and S&P 1300), or whether it's the start of the monster Primary wave ((3)) many wavers have been waiting for will take a while to confirm. 750mg Erythromycin Name Brand, But the odds are high right now that at least a significant top is in place and another 50-100 S&P points should be taken out in the coming weeks.
ELLIOTT WAVE PRINCIPLE COUNT
I have a chart of my intraday count of what might be transpiring. After Subminuette wave i completed there has been little rallying from the low, and in fact, the market pretty much closed on its lows, 20mg Erythromycin Name Brand, another bearish behavior on the day. Erythromycin Name Brand, However, if my count above is correct, then Micro wave ((C)) will give us a sharp rally to around 1290 on Monday-Tuesday before the next selling phase ensues. If so, Erythromycin Name Brand usa, it would be a great shorting opportunity in my opinion. The other scenario leaves Subminuette wave ii already complete at the Micro wave ((A)) high I have labeled, and Monday will bring about even sharper and deeper selling. I doubt that though, 250mg Erythromycin Name Brand. Mondays are usually strong and the buy-the-dip crowd should be back in force after thinking about all the "great values" they can get over the weekend after the declines today. The one thing the bears don't want is a slow choppy grind lower we've called the "wolf wave" in the past, Erythromycin Name Brand. Those are usually corrective and quickly lead to a monsterous rally as a result. 50mg Erythromycin Name Brand,
So there's your setup for next week; the trend should be down at least for the short term, and if we're lucky enough to get a solid bounce on Monday then I'd be shorting into it. I expect at least another 50-100 S&P points to be shaved off in quick order if a top is in place right now.
The evidence for a top in the euro is strong (bottom in the US dollar). The choppy grind higher clearly looks corrective and is a weak structure suggesting a sharp pullback is at hand. Erythromycin Name Brand, The uptrend has been broken now and I expect the trend for the euro to be down against the dollar in the coming days/weeks. That means I'm bullish the US dollar now. I feel the euro is headed to parity with the USD eventually, so this would represent a great risk/reward opportunity for who feel the same way.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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