ChartsEdge map for 2/19; and a few comments on equities and the yen

Market Map for Feb19

Posted: February 19th, 2009
Author: Mike Korell Filed under: One-Day Market Map »


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Thanks again, Mike - great forecasts!
Folks, I've been toying with the question whether the move down - especially now this morning, with the map forecast showing as it does for today - might give us either a completed "C" down, or alternatively a wave 1 of "C" down, in Elliott Wave terms .... with a possible objective ~760. I know that such a level could work with some of the numbers mentioned by Andre Gratian, and separately by Tony Caldaro, and in the T Theory work of Andre Gratian. As often, this type of question becomes more significant for a swing trader than for those daytraders who are surfing the intraday waves of the sort indicated by these daily maps.

A key point I'm looking at is whether or not the $XJY continues down to break that triangle on the daily map in a "triangle trap". If that does happen, then first I'm switching from long to short on that item, and then I'm looking to see whether it associates with reversals, not only in gold, but what effect on the dollar - reversal, or continuation upward?! and maybe it would be bullish for equities. Even so, $XJY has a couple of possibilities - one is that it merely traces out an Elliott Wave flat on the daily chart (a nice swing trade but only in terms of days), or whether it becomes a more significant bearish Gartley pattern for which we'll measure off the Fibonacci retrace levels back to a much lower swing low point. (Both reasons why it's prudent to switch the position from long to short and then see how it acts.) Seems to me that these two possibilities hold corresponding alternative scenarios for the Nikkei at least and probably equities more broadly.

As always, be careful out there, and happy trading!