Every fundamental analyst on the planet had expected a large rally today after a gangbusters job report yesterday. The elliott wave analyst knows that market prices are regulated endogenously, and not by outside forces. The developing elliott wave structure hints at the beginning of a new bear market with a 5 wave structure possibly complete at todays lows, so the jobs numbers will not affect that price structure in the way you might expect. In fact, economic variables are usually right and rosy and the picture of health at the end of a bull market, not at the beginning! I have altered the declining wedge idea from yesterday to reflect todays action.
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Cable drifted lower once again and it is now approaching a major support at 1.2050. There is a strong confluence of technical support, WM1 Pivot point and the psychological level of 1.20 ish. These are strong signal suggesting market reversal, at least in a short term. Weekly momentum is now oversold supporting higher prices. I would like to see higher high and the retracement before entering long positions.
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