ShepWave Pre-Market / Intra Day Update for Tuesday. New Highs in SPX and Dow
by ShepWave.com
Posted: 6/19/2017 19:16 EST
Friday's wedge pattern that ShepWave identified in the short term pattern did in fact give us the anticipated upward thrust (and overthrow of the trend line). Also, now we have the SPX and Dow Industrials indexes in a closer state of correlation with new highs. Remember that is one thing we were watching for. So, now what?
Are the indexes at key highs? Was the bullish wedge pattern we saw on Friday just a short term phenomenon giving some coincidental long term new highs?
Now is not the time to tune out to the technicals in the major U.S. equity indexes.
Please read the notes and analysis carefully in Tuesday's ShepWave Update.
Log In at www.shepwave.com for Tuesday's Pre-Market / Intra Day ShepWave Update
IMPORTANT INTRA DAY UPDATE PUBLISHED. Is a market top in?
Please take note of the short term technicals. Note that there is a possible wedge pattern; see the 60 min SPY chart just published. This does present a bit of a short term bullish potential despite today's selling pressure. Read notes carefully.
Log In at www.shepwave.com for today's Intra Day ShepWave Update.
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As a note of caution: There are a lot of analysts who try to predict wave counts. Please be careful of doing that. It is good to understand the dynamics and underlying principles of Elliott Wave Theory but in the labeling of wave patterns, remember that no pattern or wave count is official until the next wave series begins. So many otherwise really good analysts seem not to understand this simple concept with regards to Elliott Wave Theory.
Proper Technical Analysis is a Science, an Art, and a Discipline:
It is a SCIENCE in that we identify and analyze key technical occurrences and correlations. These lead to patterns which can be used to identify probable future directional movements.
It is an ART because there are times when the strict definitions and observations have variable outcomes. The efficient market analyst has the history and experience to put all of the contextual observations--which go beyond the bounds of the immediate contextual evidence--to find the most probable future pattern. Note most analysts do not actually provide future probability in the same way ShepWave does.
It is a DISCIPLINE in that we have guidelines to use to minimize any possibility of the market(s) going against our prescribed direction. This is also one of the aspects that most analysts do not designate clearly. This can make the difference between a consistently profitable trader/investor or one who loses consistently.
| 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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