seabek

seabek

ES topped out near the 62% retracement of the big drop, which also formed a bearish divergence on Stochastics. The break below the 10-day moving average has now closed below it 2 times in a row. Below 2717.25, the late April low, would boost the chance of a return back to the March lows. A trend signal on ADX would signal strong momentum. 90-day RSI failing to get...

seabek

Also, break of 10-day moving average. Is BRK leading the market back to the March lows? New trend on ADX while 90day RSI holds below 50. Key support is the April low, 174.19.

seabek

The FANGM close below the 10-day average could signal a bearish shift, which would be amplified by a bearish trend reading on ADX. Note that the FANGM bottomed before the SPY, blue line, in March.

seabek

The September high completed a Rising Wedge that was activated by the drop below the lower trendline of the pattern. The target is the beginning of the pattern at 233.76, the target date is November 18. Bearish Divergences on Stochastics and RSI improve the potential of the pattern. Prices must hold below the September high, 302.46.

seabek

Weekly charts are forming a Triangle that should end in August 2019. Each date and level is marked with a blue line on the chart. After completing the Triangle, a rally to 308.31 should occur by April 2020 to complete a fifth wave. The reversal this week creates the potential to form a very strong A-B-C pattern because of the proportions that are developing. The...

seabek

Daily charts have formed a Triangle that should get a bullish breakout as a bullish trend signal persists on daily ADX while prices scrape along the 6- and 10-day moving averages.

seabek

The rally last week has reached 38% of the preceding sell-off while monthly and weekly trend readings remain bearish. A Triangle is likely to form above 233.76 before another move lower forms a 5th Elliott Wave.

seabek

A bearish 5-wave move is underway that ultimately targets 212.74 by late April. Prices are currently in the third wave with a target of 225.76 by February 15. A bounce from the end of wave -3- would target 246.83 to complete wave -4- in March, then down to the wave -5- target in April.

seabek

The bullish divergences on weekly charts have started a new bullish ADX trend reading. Candlesticks formed a bullish Doji Star and volume has been good.

seabek

After the five wave move up, a correction to Fibo retracements is likely over the next 3 years with a target date of 2024. The first target is the 38% retracement at 2072, the primary target is 1535. A break below 24%, 2404, and the lower line of the 2,4 channel would boost the likelihood of meeting the targets.

seabek

The Triangle started at the high in May and should continue into early August. A rally should follow because of the bullish activity that occurred in May. (This pattern was first mentioned on MooreMarketTrends.com on July 10, just after the reversal in early July.)

seabek

The ADX reading on monthly charts shows that the bullish trend is likely to peak soon because readings are similar to those that occurred in 2014/15. Signs of a peak are forming, although confirmation of a shift is needed. Confirmation would occur with more significant activity below the 10-month average, green line. Key supports are Fibonacci retracements....

seabek

On monthly charts, prices have consistently rebounded from tests of the 6-month moving average without event getting close to the 10-month average while a bullish trend reading persists on monthly ADX. Volume has been best on bullish months. Stochastics is at high readings, but this is not an overbought reading because of the bullish ADX trend. Daily and weekly...

seabek

The next target is 2739 to complete wave -d- of the Triangle that began at the peak. The failure to push through the lows from earlier this year increases the odds of continuing the Triangle. Prices closed above the 10-day moving average today, which eliminated the bearish trend that had been starting to gain a foothold. The push higher is likely to be trendless...

seabek

On monthly charts, the bearish trend suggests a return to 10.13.

seabek

Prices have not yet pushed through the 24% extension of the preceding range, which is necessary to confirm that a larger move higher is underway.

seabek

The push through the 24% extension of the preceding range and the bullish reading on ADX show more upside potential. Weakness should be limited to the 10-week moving average, on a close, while the trend is underway.

seabek

The bullish conditions on daily and weekly trends suggest limited pullbacks with good chance of testing the larger range high or pushing through that high.