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Stock Market Rally Elliott Wave Trend Target

Stock-Markets / Elliott Wave Theory Dec 13, 2010 - 09:04 AM GMT

By: Dr_John_Trapp

Stock-Markets

Best Financial Markets Analysis ArticleThere is a lot of Bull in the market. My first chart – the Weekly – gives the Big Picture so we can see what our overarching market opinion needs to be. Look at all the Bullishness on this chart: 1. ES above the 15EMA, 50MA and 200MA, 2. all but the 200MA have positive slopes and the 200MA is flattening, 3.ES is in W3 of W5, 4. ES consolidated below the 61.8% retracement level and began peeking above it on Friday (still in area of resistance though!), and 5. typical targets above the current high are indicated on chart – including MOB.


I’ve included a range for the Weekly resistance levels ( wide translucent red line) based on the long-term correction to indicate that these resistance levels are operative over a range of more than a few ticks. My ultimate target has to be the 1350′ish level – with the 78.6% retracement level (1389.65) being the extreme target. I’ve also included a wide translucent green line next to the green arrow to remind us that ES needs room to move during its ascent. This scenario can stand a Weekly red candle and still be on its way to the target.

The next chart zooms in to the 30 minute time-frame and examines more closely where we are in this last rally – on the Weekly chart, the rally beginning at W2 of W5. This chart shows us that we are in a W3 of an impulsive move – or possibly a W5 of that move. Either way, we can expect ES to correct at some point during this climb, but for now my trading strategy has to be buy-the-dip until the market tells us otherwise.

I’ve included the 61.8% retracement level from the Weekly chart above on this chart as a wide red translucent line to remind us that ES is at resistance in the bigger picture. The little red arrows remind us of levels where we might expect a correction. Be on your trading toes! And good luck next week!

If you like what you see here, wait to see how MortiES's analysis can assist you in your everyday investing or trading strategy! Go ahead, check out my track record and Click on "Subscribe to MortiES Premium" and give it a try! I am offering a 30 day free trial period.

Dr. John Trapp a.k.a. Mortie for Value of Perfect Information who offer stock market commentary, fundamental & technical analyses on the financial markets. Try MortiES' 30 day free trial.

© 2010 Copyright Dr. John Trapp - 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.


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