tomj2417

tomj2417 Updated 

In this EW count it may be that the 4th wave correction might have not completed yet but, whatever the case, I reckon there may be a 5th wave move up for this stock sooner or later.

tomj2417 Updated 

HSBC broke through 2 long term trend lines today which might suggest some bullishness going forward. Also worth noting is history has shown that as goes HSBC the FTSE 100 usually follows. I have left any EW wave count off the chart as I am still undecided if this is all part of a long term correction dating from the top in 2001 or part of an impulsive climb that...

tomj2417

The SP500 has bounced very nicely off the 38.2 retracement of my wave 3 but the question that remains is whether it was enough of a correction to end wave 4 or does it need to correct deeper before resuming it's climb. Wave 2 was a shallow correction so perhaps a deeper correction for wave 4 with the idea of alternation? If you count wave 4 as an ABC zigzag then...

tomj2417

Perhaps a little too optimistic for Sterling but the Pound has managed to break through a downward trend line today and this count reckons it's due a 5th wave so lets see how high it can go. My problem with the upside targets here are primarily that I also think that the US dollar has nearly completed 5 waves down and will be due a decent correction sooner rather...

tomj2417

Not much of a reason and I don't give much weight to fractals but I couldn't help but notice the similarities between these two charts. Still some money to be made in US tech stocks? Might be.....

tomj2417

This FTSE small cap stock has been a real slippery customer since it topped in 2017, bouncing on all the major fib retracements only to decline further. I have even included the parallel channel to show how it may have confused some buyers into thinking that the correction was over after the first zigzag. Is this fairly dramatic reversal at the 61.8 fib...

tomj2417 Updated 

I don't much about this company but I like this pattern. Of course, a simple zigzag can turn into a more complex correction or this correction may have another leg down but on the plus side, buying volume is picking up and it bouncing off it's yearly pivot as well as the 61.8 fib.

tomj2417 Updated 

This count suggests that a 4th wave correction has finished or is approaching it's end and the uptrend may be about to resume in the form of a 5th wave. Of course, I will keep in mind that 4th wave corrections can be notoriously sneaky and morph into much more complex corrections but at the moment I am watching this bullish count.

tomj2417

Here's another UK stock that I reckon may still have some upside left in it even if the 4th wave correction might have another leg down. I have picked the 0.5 fib extension of waves 1 to 3 as a top as it coincides with the yearly R1 pivot.

tomj2417

Calling tops is not something I'm particularly good at so in attempting to call one here perhaps that should be a reason to go with the bullish count right off the bat. However, as I look at these and similar charts I can't help thinking that this nearly 10 year bull market is perhaps getting a bit long in the tooth.

tomj2417

Wave 4's are notorious for morphing into more complex corrections (perhaps a flat in this instance) but assuming that wave 4 has in fact finished at the 50% fib retracement then I reckon this stock could still see some decent upside. My target for a completion of wave 5 is somewhat arbitrary but I have seen plenty finish at the 78.6 fib extension.

tomj2417

Like some other European indices it is possible that the FTSE 250 is tracing out a 5 wave C wave to finish a correction that started back in November in the form of an expanded flat. The question I am struggling with is whether this potential wave C wave has already completed with a truncated 5th on 9th Feb or this is the 4th wave correction with one more leg down...

tomj2417

Two counts here, one bullish and one bearish. I am leaning towards a deeper correction in the SP500 and so prefer the bullish red count for this inverse etf. The red count would suggest that we are now in a B wave correction before wave C starts with deeper declines in the SP500. A couple of things make me like the red count better.....the alternation of the 2...

tomj2417 Updated 

Has the Pound completed a perfect zig zag? Maybe it will now embark on a 5th wave up to complete the cycle.

tomj2417 Updated 

Two counts here in the red and the blue, one with more downside than the other. The blue count would suggest a "buy the dip" scenario while the more bearish red count might suggest a more prolonged correction. Personally I am leaning towards the more bullish blue count. Of course, not included is a count that I haven't imagined yet and does something completely...

tomj2417

I put out a chart on this UK stock back in September last year showing my idea for a short trade that worked out pretty well. I also suggested the possibility of a rally on the 50% fib retracement and it kindly bounced very solidly since then. However, as hard as I look at it I am struggling to count 5 waves up from the low and the rally, to me anyway, looks...

tomj2417

As ever with Elliott wave there are alternative counts that are not so bullish and for sure this stock could be due a correction any time but the crux of this count would suggest that there may be decent upside going forward.

tomj2417

The US Dollar is bouncing off a major area of support that dates all the way back to 2008 but this count reckons there might be another leg lower needed to complete this 3rd of 5th wave down.