An impulse wave is a wave that signify the main direction of the current trend. It consists of 5 waves: 3 in the direction of the larger wave, 2 in the counter direction. Personally, I believe this formation is the backbone of Elliott wave analysis since it is the easiest to spot and when it is spotted, there is only limited number of possibilities of what would happen in the future.
Market Summary: major US and Canada stock market indices continue their rally and some secondary indices such as Nasdaq composite have made new high. Short term wise, this rally should continue and blue chip indices such as S&P 500 looks poised to make new high.
Market Summary: the rally that started on February 5, 2010 turns out to be a larger wave degree. I still believe that further drop is warranted due to the low trading volume in the rally compared to the volume during the drop. However, there has to be a limit where the forecast has to change if the market rallies further.
All of us Elliott wave practitioners have or will learn different wave formations, Fibonacci retracement and many advance indicators in our forecasting journey, but a lot of us usually miss the definition of a wave itself. I can explain why a price move and show what a wave look like to others, but it is not easy for me to explain “so, what is a wave ?”. This is what motivates me to start the next theory section with a basic question.
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Market Summary: the stock market drop has been more relentless than I thought so far. Commodities like gold and silver have also followed suit, while US dollar is going the other way (up) in similar breadth. There is no casualty or even any indication that the economy is turning around yet, except for Toyota’s trouble, which I think is exaggerated.
Market Summary: another downturn is unfolding and judging by the almost synchronous movement of all markets, this is likely the end of the bear market rally.
Hey all,
As you can see, my blog has reverted back one full year…Due to my newbie-ness in blogging, my blog has been hacked and because I have no backup on my computer (only on the server), I had been forced to restore a much older backup files.
Last week was one of the most volatile week in this bear market. Thursday Nov 13 was especially an interesting day with Dow see-sawing 900 points in a day. Even the Chinese couldn’t just stand down this week seeing its market being battered badly so far. Overall, my stance is still fully bearish for now.
Well, the long awaited US election has finally come to an end. Congratulations to Barack Obama and hopefully this bear market will end in his term(s). US stock market rallied high one day early to the election before dropping almost 1,000 points in Dow Jones Industrial Average (DJIA). It remains to be seen how fast this bear market is going to end and how Barack Obama presidency will influence (or be part of) the market. As far as the intermediate term (months) goes, I am still seeing the market going down further.
Hey guys and girls out there, I have just found out about this referral to my blog on ebay today on Nov 8, 2008.
http://cgi.ebay.com/Elliot-wave-Trading-Software-for-Personal-Investing_W0QQitemZ250321793149QQihZ015QQcategoryZ3768QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
I do not have any relation, link or endorsement over this product and I did not know about how my blog is being used so far. As of now, I still use this blog as my personal practice tool in building a website and exercising my wave counting technique. I do not have any business interest off this website yet.
Just a precaution for you who visited my blog through this ebay link.
RH