July 21st - Can the December low be retested? We have the answer
We provide investors and traders with the potential price movements and high probability market turning or trend reversal points. Covering: S&P 500, DJIA, NASDAQ, RUSSELL, WTI OIL, GOLD, 30 YEAR BOND, KOSPI 200 and NIFTY 50.
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WTI OIL
Here is our comment on WTI OIL at $66 on April 22nd, forecasting a minor wave B top.
The Daily Sentiment Index hit high as 96% last year in October, it resulted in over 40% selloff . The current Daily Sentiment Index has reached over 90% on oil, this is in line with our interpretation that oil is nearing the end of this corrective move from December of last year. Oil is trying to muster enough strength to take wave B minor higher but we predict at anytime oil will quickly U turn for wave C minor.
On June 5th , WTI OIL hit low of 50.60.
S&P 500
This was our forecast on June 7th 2019 calling for S&P 500 to take out the high established in early May of 2019.
This will be our preferred count, this has the current low as minute wave B and we will take out recent highs to complete minute wave C to complete wave D minor of this triangle from 2018.
On July 3rd, S&P 500 hit high of 2996.
DJIA
Here is our forecast on June 4th when DJIA was hovering at low 25,000, calling for a bounce to take out 26695.
In Candlestick patterns, there is a pattern called a”bullish abandoned baby” which signals a reversal of a downtrend, this sizable bounce is a classic BAB pattern. If you look at the pattern from 26695 to 24680, it does not have the same impulsiveness like NASDAQ (the bars look choppy without any elongated bars), so DJIA looks much more corrective which means a likelihood of motive waves to get to wave D. This may sync with NASDAQ’s 2nd minor move. We will immediately update if there are drastic changes from this interpretation. Furthermore, we are pretty sure there will be another bout of conciliatory TRADE tones in the offing for the slated G20 meeting this month to prop up this market.
On July 1st, DJIA hit high as 26890.
GOLD
Our May 13th comment on GOLD, explaining GOLD is about to break out of the triangle.
Whether triangle ended here or will end around targeted $1250 area, our working assumption is GOLD will come out of this triangle with a huge surge to the upside, we think long GOLD trade will bear significant gains here based on our target price near $1600 level for primary wave B.
On June 20 th GOLD broke the triangle and now hovering around $1410.
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FAQs
Does your Elliott Wave analysis help day traders make a better decision?
Although Elliott Wave theory is one of the best technical indicators to predict financial markets' behavior, at the same time, it is not an ideal tool to utilize for day traders. The reason, there are many different variations in the Elliott Wave patterns which can be a time consuming event coupled with an alternate scenario that can drastically alter the near term direction. Elliott Wave is highly accurate when forecasting the general direction of the market’s path, however, it is not a tool well suited for scalping for short term trades. Plus, we at Current Wave Count thinks a concept of day trading by itself is a futile exercise.
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