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Mike McQuaid
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RSI(4) on a weekly chart is a fast parameter too. That indicator on the above SPX chart shows a negative divergence with 4 peaks since April '09 on an index that has produced a parade of higher highs and higher lows since the '09 reversal. Just maybe, a setting closer to the standard parameter would serve better!
Toggle Commented Mar 22, 2010 on Has the Broadening Top Crested? at Planet Yelnick
ROC(3) is a fast parameter to guage the trend of an index whose pattern has lasted a year. Too fast.
Toggle Commented Mar 22, 2010 on Has the Broadening Top Crested? at Planet Yelnick
NDX, weekly chart, pushing past chart congestion resistance in '08. Resistance at 2055 and old high at 2239. Waveform is robust, trend is up, resistances are vulnerable.
SPX, weekly chart, 62% retrace of '07 high to '09 reversal at about 1228 as resistance. Trend is up.
SMH W bottom pattern early '09. Subsequent rally holds open a gap way back in July. Volume landscape year-to-date reveals bullish action in March while this ETF is trading higher.
Toggle Commented Mar 12, 2010 on The Trader Abides at Planet Yelnick
XLF weekly flag pattern completing. Daily chart shows an island reversal in Oct as resistance. This ETF is on the hunt to eclipse resistance and adding to a bullish bias by trading above a rising 50dma. This sector has implications for the broader market.
Toggle Commented Mar 12, 2010 on The Trader Abides at Planet Yelnick
DJ Transport Index off the '08 high to '09 low tested the 62% retrace in Jan, pulled back thru Feb and has now rallied past 62%. It's trading above a now curling up 50dma, a pretty good case for a bullish bias.
Toggle Commented Mar 12, 2010 on The Trader Abides at Planet Yelnick
SPX, spring 2000 was supercycle 3 followed by a flat zig-gag correction to March '09. So March '09 reversed into an impulse and the trend is up. This has been my count since April and it's served me well in trading stocks. Beyond that it doesn't matter much. If I end up re-labeling a chart a year or so after the fact it's mox-nix to me. I'm not an author or a guru or historian but a trader.
Toggle Commented Mar 11, 2010 on Waiting for the IPOs at Planet Yelnick
MT edit my previous post to Nov '09 not '08. You can't count a zig-zag after the 4 label.
Toggle Commented Mar 11, 2010 on Waiting for the IPOs at Planet Yelnick
MT your chart is still mislabeled. From wave 4 in Nov '08 you follow with a zig-zag to end the wave. You can't do that. Your Elliott Wave textbook will tell you what's permitted after the 4 label.
Toggle Commented Mar 11, 2010 on Waiting for the IPOs at Planet Yelnick
Not so fast MT. After wave 4 label in Nov. you label up to Jan 15 with a B label. Try again, after label 4 you have to have label 5 not B!
Toggle Commented Mar 10, 2010 on Waiting for the IPOs at Planet Yelnick
SPX moving up for a year now as the trend continues a parade of higher highs and higher lows. It was the slope of the rally and the slight pullbacks that many observers here failed to appreciate off the March '09 reversal. Path of least resistance is up. Jobs numbers firming up in todays report, economic reports continuing to discount a double dip in the recession. This is where profitable traders re-read Prechters book focusing on the wave personality chapter.
Toggle Commented Mar 5, 2010 on Gold is Going Nuts! at Planet Yelnick
A lower trendline is support not resistance. SPX has support at 1020 from Oct 2. Let's break support before we start counting impulses down and dismiss the corrections of the March reversal rally.
Toggle Commented Oct 31, 2009 on Last Chance to Get Out Comes Again at Planet Yelnick
SPX Oct 2-15 rally is correcting 62% to 1049 while tagging the lower trendline crossing the March and July lows. This is a good spot for a reversal.
Toggle Commented Oct 28, 2009 on The Zoran Project at Planet Yelnick
SPX 30 min chart Oct 2 to 15 is riding the 25% fib retracement at 1077. 1066 could come into play as 38%. The form of this correction is sending hints as to the nature of the market and its resolution also will be instructive. So far it's taking it's sweet time (bullish)if it's going to fall under the 25% line.
Toggle Commented Oct 23, 2009 on We May Have Just Topped at Planet Yelnick
NDX daily, tagged golden mean retrace of '07 high to '08 low today while painting a gravestone doji. This is an inflection point and now we'll see what the market wants to do.
Toggle Commented Oct 21, 2009 on The Zoran Project at Planet Yelnick
SPX 50dma is 1030, 200dma is 909. The trend is up.
Toggle Commented Oct 15, 2009 on Yves Updates His Bond Prediction at Planet Yelnick