Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
Iran's Death Spiral -- 40 Years And Counting - 17 Feb 19
Venezuela's Opposition Is Playing With Fire - 17 Feb 19
Fed Chairman Deceives; Precious Metals Mine Supply Threatened - 17 Feb 19
After 8 Terrific Weeks for Stocks, What’s Next? - 16th Feb 19
My Favorite Real Estate Strategies: Rent to Live, Buy to Rent - 16th Feb 19
Schumer & Sanders Want One Thing: Your Money - 16th Feb 19
What Could Happen When the Stock Markets Correct Next - 16th Feb 19
Bitcoin Your Best Opportunity Outside of Stocks - 16th Feb 19
Olympus TG-5 Tough Camera Under SEA Water Test - 16th Feb 19
"Mi Amigo" Sheffield Bomber Crash Memorial Site Fly-past on 22nd February 2019 VR360 - 16th Feb 19
Plunging Inventories have Zinc Bulls Ready to Run - 15th Feb 19
Gold Stocks Mega Mergers Are Bad for Shareholders - 15th Feb 19
Retail Sales Crash! It’s 2008 All Over Again for Stock Market and Economy! - 15th Feb 19
Is Gold Market 2019 Like 2016? - 15th Feb 19
Virgin Media's Increasingly Unreliable Broadband Service - 15th Feb 19
2019 Starting to Shine But is it a Long Con for Stock Investors? - 15th Feb 19
Gold is on the Verge of a Bull-run and Here's Why - 15th Feb 19
Will Stock Market 2019 be like 1999? - 14th Feb 19
3 Charts That Scream “Don’t Buy Stocks” - 14th Feb 19
Capitalism Isn’t Bad, It’s Just Broken - 14th Feb 19
How To Find High-Yield Dividend Stocks That Are Safe - 14th Feb 19
Strategy Session - How This Stocks Bear Market Fits in With Markets of the Past - 14th Feb 19
Marijuana Stocks Ready for Another Massive Rally? - 14th Feb 19
Wage Day Advance And Why There is No Shame About It - 14th Feb 19
Will 2019 be the Year of the Big Breakout for Gold? - 13th Feb 19
Earth Overshoot Day Illustrates We are the Lemmings - 13th Feb 19
A Stock Market Rally With No Pullbacks. What’s Next for Stocks - 13th Feb 19
Where Is Gold’s Rally in Response to USD Weakness? - 13th Feb 19
US Tech Stock Sector Setting Up for A Momentum Breakout Move - 12th Feb 19
Key Support Levels for Gold Miners & Gold Juniors - 12th Feb 19
Socialist “Green New Deal” Points the Way to Hyperinflation - 12th Feb 19
Trump’s Quest to Undermine Multilateral Development Banks - 12th Feb 19
Sheffield B17 US Bomber Crash 75th Anniversary Fly-past on 22nd February 2019 Full Details - 12th Feb 19
The 2 Rules For Successful Trading - 12th Feb 19 -
Financial Sector Calls Gold ‘Shiny Poo.’ Are They Worried? - 11th Feb 19
Stocks Bouncing, but Will They Resume the Uptrend? - 11th Feb 19

Market Oracle FREE Newsletter

The Real Secret for Successful Trading

DOW Jones and CRUDE Oil on a Cliff Edge, Waiting for a Nudge!

Stock-Markets / Financial Markets 2018 May 17, 2018 - 02:53 PM GMT

By: Enda_Glynn

Stock-Markets

UPCOMING RISK EVENTS:

USD: Building Permits, Capacity Utilization Rate.
EUR: N/A.
GBP: N/A.
JPY: N/A.


DOW JONES INDUSTRIALS

30 min

4 Hours

Daily

My Bias: market topping process completing
Wave Structure: Impulsive 5 wave structure, topping in an all time high, now beginning new bear market.
Long term wave count: topped in wave (5)

The low of todays session so far hit 24630,
This is labelled as wave '1' of 'i' of a possible return to the larger downtrend in wave [iii] green.

The rise off todays low is in a clear abc correction wave pattern,
This suggests that a corrective rise in wave '2' blue is underway.
A further break of 24630 tomorrow will confirm that wave '3' down has begun.

In the short term,
The signs are lining up so far that another serious acceleration lower is on the cards.
I want to see a clear five wave pattern in wave 'i' pink,
Followed by a three wave corrective rise in wave 'ii'.
which will create the bearish Elliott wave signal I am looking for.

Tomorrow;
Prices must remain below 24994 from here on out, as per the elliott wave rules.
Watch for a break of 24630 and a decline in wave '3' blue.

U.S CRUDE OIL

My Bias: topping in a large correction wave [4].
Wave Structure: Double combination higher in wave [4] red now complete.
Long term wave count: wave [5] target $20

30 min

4 Hours

Daily

The rise off Tuesdays low at 70.42,
has created a clear three wave pattern to the upside.
The price has filled the trend channel and should now turn back down again.

I have labelled the rise as a possible second wave complete at todays highs.
Price must not break above 71.92 from here on,
And wave '3' down should begin off todays highs.

Much like the DOW,

followed by a three wave corrective rise in wave 'ii'.
That will complete another Elliott wave indicator sell signal off the recent high,

The stakes are very high in crude oil right now.
And the long term elliott wave pattern could carry the price below $20 if I am correct.

Back to the short term.

Tomorrow;
71.92 must hold to,
Watch for a break of 70.42 in a possible wave '3' down.

There is a big move coming in the markets!

To stay ahead of the next trend,

Check out the membership page.

Enda Glynn
http://bullwaves.org
I am an Elliott wave trader,
I have studied and traded using Elliott wave analysis as the backbone of my approach to markets for the last 10 years.
I take a top down approach to market analysis
starting at the daily time frame all the way down to the 30 minute time frame.

© 2018 Copyright Enda Glynn - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules