ShepWave.. Wedge Diagonal Pattern for the DOW from Lows of October 2002..CONCERNED???
by ShepWave.com
Posted: 10/26/2006 03:47 EST
I have published the regular scheduled update for Thursday. What are the short term charts telling us about the mid to longer term trend??
Should Long Term Investors be concerned with the Wedge Diagonal pattern from the lows of October 2002 to current levels? The wedge diagonal is a very basic pattern that has many historical references to indicate that there 'could' be reason to be very cautious. I show some mid to longer term targets in tonight's update.
Click the image below to Join CLUB EWI.. IT is FREE.
Today's short term QQQQ entry is based partially on the charts of the DOW Industrials index. Very tight stop.. so we are not going to risk much here. Go to http://www.shepwave.com/ for this afternoon's short term QQQQ Trade.
I find the current markets very interesting. Notice we have not had any confirmed sell signals (mid term).... There have been many single breaks of the recent up trend .. but no confirmed double breaks (with second breaking bar going below the low of the first bar). For those of you who use E-Signal's Advanced GET program... Use your pivot point analysis. . If you have a question how to use the function please email me I will walk you through it. The Advanced GET program is one of the best in my opinion. BUT,, the program is like giving someone the Periodic Table of Elements for Chemistry .... and telling them... this is Chemistry... If one doesn't understand the rules and disciplines of Elliott Wave Theory than he can get in big trouble.. I mention the Pivot Point Analysis Function on the Advanced Get because: In trend moves... a five wave move can extend... and extend... the counts can keep changing. BUT, With good pivot point analysis one can possibly get a 'clue' when the mid to longer term trend will change. Other wise technicians use Fibonacci extensions.. which I have found to be nice target areas.. but are never exact. So.. Basically the mid term analysis at ShepWave has NOT changed much over the past few months.. We are still waiting for a confirmed SELL SIGNAL to trigger the next mid term trend. Some of our aggressive Mid term trades are not doing very well. That is why we have been dong some short term trades.. which have done very well. QQQQ Short Term Trade SET UP.... See today's update. In tonight's update I show some of the trend possibilities. Click here for tonight's ShepWave Update
I have published this morning's update to show some short to mid term trade set ups for this week. One of my favorite subscribers mentioned BRCM.... I show a potential trade for BRCM Options Trade.
Go to http://www.shepwave.com/ for today's trades
Click the image below to join CLUB EWI.. It is FREE and very informative
Browse through our BLOG for recent trade data. When the Dow Industrials Index recently hit a multi-year high in May the Financial Television Channels were pumping the rally. Flashing a ticker showing how many points to a new all time high. Who did this help? Click here to see one of many updates published that week showing our analysis and how we were positioning ourselves to PROFIT from the upcoming turn. Are these Financial Information channels helping the average investor or perpetuating denial as to the mid and longer term direction of the U.S. Markets? Click here to read our update from May 13, 2006. TARGETS HIT. 166....26....13
216...26...16
328...27...3 |
Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA. |
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