Technical analysis of Major Markets, F/X, and anything that can be traded This is my diary for trading Views expressed in this are only for educational purposes. They ARE NOT recommendations to BUY or SELL anything!! ALL comments and criticisms welcome.
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Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.
— Marcus Aurelius
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Monday, February 23, 2009
IBM and other stuff
IBM as at time of writing has broken the 87 level..bottom of the wedge (see previous post) and also AAPL below 89, however better to see the closes. Seems like the market is getting pretty oversold so a short covering rally would not surprise to relieve oversold conditions.
DOW weekly chart...not an elliott wave expert BUT looks like we are in a wave 5...whether this is wave 5 of 3 or a wave 5 we won't know till after the fact. If it is the former, then we still have a wave 4, then a wave 5; if the latter, we should have a decent rally upwards ABC...
Either way looks like the target is around 6500 /6700 for a temporary low for this move.
http://iberianviews.blogspot.com/2009/01/dow-possible-path-for-move-down.html
(see prior post)
Thursday, February 19, 2009
Heavyweight..
with markets still in indecision mode...looking at IBM to see if any clues as to next move.
Looks like it has been tracing out a flag formation..lower boundary around 87...
a clear break below there would be trouble for the broader market...
obviously a clear break above 99..would be bullish...
we got to the top of the wedge a week ago and immediately fell..gap open may need to fill before moving lower
Friday, February 13, 2009
FTSE chart
Tuesday, February 10, 2009
EURO GBP ....for DAVID L!!
Click on charts to see larger picture
LONG term MONTHLY CHART...Looks like euro could fall against pound..needs to get through .855 first before next support at.8171.
MEDIUM term WEEKLY CHART...also looks like EURO should fall against pound..however close to .855 level..so some support could come in..
SHORTER term looks like Euro has found some support between .855 and .8700 so shorter term we may see some more euro strength before a more sustained down move begins...
VERY SHORT TERM 2 hour CHART
If we see a break above the down trend line should indicate start of euro strength...will probably also be result of general strength against $ and JPY....
PS notice how instruments move in waves.....in all time frames...
Thursday, February 5, 2009
euro jpy another look
Euro vs Pound
Are interest rate expectations changing for UK vs EUROZONE? Looks like the weakness in pound vs EURO may be over temporarily. We had the parabolic rise to parity...now correcting..funny how the "TOP" was signalled by the "news channels" !! Maybe we get back to 1.23€ to the pound before reversing... maybe..
euro jpy
Green line is DOW, other is EUR/JPY...you can see close correlation, and money markets being much larger than equity makes me believe that the movement of EUR/JPY leads the equity mkt. KEY support at 113.71.. abreak below there WATCH OUT BELOW on other hand...a break above that descending trendline may set us up for a larger rally in equities...(in EUR/JPY back to 130 level) ..so stil waiting for the decisive move....
Wednesday, February 4, 2009
DOW 2 hour
Currencies
Trawling some charts..first GOLD
Gold long term still in uptrend...shorter term we had the break out above that descending trend line. Now the move needs to prove itself...normally but not always we will get a retest of the breakout..so possible 865 max 855 before a RELAUNCH... good news it it seems to have decoupled from the inverse relationship it had with the dollar..
RSI and MACD look to be turning over..
looking to buy on a fall to levels cited..or on renewed push past recent highs.
RSI and MACD look to be turning over..
looking to buy on a fall to levels cited..or on renewed push past recent highs.
Tuesday, February 3, 2009
Ski pics...
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