ShepWave Pre-Market / Intra Day Update for Friday Published.
by ShepWave.com
Posted: 5/18/2017 17:34 EST
Markets remain predictable, regardless of what they are telling you on the news.
One is entertained by the news stations these days. The way they assign causation to the markets really makes one wonder if they have even an ounce of objectivity left. They are after the emotional spin every time.
TURN OFF THE CNBC!
Just considering this week's action alone; we identified the wedge pattern that led to the gap up Monday; then a very brief two day Island Reversal pattern--triggered by that wonderfully profitable gap down and sell off on Wednesday. I mean there is no way we at ShepWave had any advance knowledge of the Trump so-called scandal. Or maybe the Russians told us. (It is a joke.)
So anyway. The markets are probably once again back at a "Hurry-up-and-wait" point. A point in which we plan to get well situated again. Be ready for the next big move.
Short term traders; the intra day wedge pattern that we called at 1:24 PM ET USA (see 15 min SPY chart) Thursday, led to a wonderful and quite timely rally and intra day pop. But keep in mind (1) the nature of that trade recommendation and (2) the longer term view and technicals we are seeing.
Stay Objective!
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SPECIAL Update for Friday: Special GOLD (Weekly and Daily) Charts; 60 min GLD charts; 60 min SLV charts; Daily and 60 minute GDX (mining) charts; weekly and daily Crude Oil charts.
I have received numerous emails regarding the action in Gold, GLD, SLV, GDX (mining plays) and Crude Oil.
So, A special update for Friday covering those plays will be published in a few minutes.
Check in at www.shepwave.com in about a half hour or so for this update. I will not send out another email to notify you of this.
10:01 AM ET. Important Intra Day Updates Published
You will see some key short term targets areas that if hit would support the short term view.
Notice that we are probably once again, in a "hurry-up-and-wait" kind of market. Be ready for the next big move.
Log In at www.shepwave.com for today's Intra Day ShepWave Updates.
IMPORTANT POSITION CHANGES TODAY
Again, You Simply CAN'T MAKE THIS STUFF UP!
Just recap the last week of action and how predictable this market has been:
We identified the wedge pattern which caused us to anticipate the gap up and rally which began Monday (we were positioned); then we saw the short term Island Reversal pattern which gave us the gap down open on Wednesday (a day earlier than we would have anticipated; but still we were positioned); and the targets that were given on the day of the sell off (Wednesday) have NOW BET HIT DEAD ON!
We have made some position changes today.
Log In at www.shepwave.com for today ShepWave Updates.
Recent Island Patterns are not uncommon; It is just that most analysts have probably not been around long enough to know that.
This type of island patterns being spattered all over the place lately, is not as uncommon as one might think. But the last time I can remember it clearly happening was in the fall of 2002; I doubt most analysts of today were around at that time.
There is a particular possible pattern(s) we see for next week.
Log In at www.shepwave.com for today's ShepWave Updates.
| 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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