Chart Watch – America’s Final Elliott Wave Up? China’s Single Day Bottom, Dave Buying In Energy

W1This Market Watch is for educational purposes only and is not to be interpreted as trading or investment advice.  See Terms Of Use here. 

Let’s take a little trip back to where it all began – looking at charts from around the world to gauge where the world markets might be heading.  I know I’ve been doing a lot on automatic trading systems lately, but when I started it was just visual signals based on a few simple things like trend lines, Fibonacci retracements and Elliott Wave.  Obviously this a mixed bag – solid trend following signals and a few more esoteric signals thrown in for a bit of fun.

Last time we spoke I told you about the S&P 500 and its Elliott Wave 5, typically this is the last wave up in an Elliott Wave count.  From a more solid signal perspective, it also coincided with a continuation pattern (or “flag” pattern, as it’s sometimes called), which has broken out to the upside.

We also look at China, the Shanghai Composite, where the single bar bottom we spoke about last time has given us a short term up trend.  We also look at the long term trend in China, which is significantly down.  A lot of resistance there in the long term, but short term it’s up.

We also look at a few energy companies I’m buying into at the moment – I noted them on Twitter a few days ago.  Nothing fancy, just a few entry signals in companies and my stop losses, as always, are in.

Check out the video below!

Hope you enjoy the video!

Of course please do your own due diligence – a great place to start is the free trading and investment course on this site.  We also have a free stock market course for beginners, and a Free Amibroker Course.  Check out our free live ASX Top 200 prices and charts list with daily top movers, currencies and commodities like gold and oil as well.  They’re really good!

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All the best, happy trending and have an amazing week!

Dave McLachlan

July 14, 2013  Tags: , , , , , , , ,   Posted in: ASX, Market Analysis, The Technical View

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