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guymar's  Instablog

Financial Consultant / day trader, Elliott & Gann enthusiast. Big picture anyone? Will look at anything that moves to get an edge on the market. Love to think astrology and Elliott Wave are linked. Advocate of ending the separation of science and pseudo-science, in this respect: like the... More
  • Possible Reversal Today

    Great fan of combining Elliott Waves, Bollinger and Keltner Bands as well as Gann Analysis I compiled my daily charts today and found several reasons to think we could be at the brink of a multi-day pullback in the major Indexes. This would not be the end of the bear market rally though: today is nowhere near a larger trend turndate.

    The pullback would have 2 technical reasons:

    1. Candlestick in the daily pierces a horizontal Bollinger Band. This almost always means reversal to the other BB

    2. The daily Keltner Bands have expanded beyond the Bollinger Bands, this is always indicative of an upcoming outbreak

    3. We have hit Gann resistance yesterday and have pulled back on it (white circle)

    4. Looking at premarket trading ....&... go for point 3 mainly :-) but htis could be the premisse to an opening spike and quick reversal too....

    Chart in annex without Keltners as I have no licence on my current esignal software to publish data, pic coming from an old version of Advanced Get I maintain with another dataprovider to look at the daily at ease. You can see clearly the Gann Box and resistance lines drawn from the 2 previous lows in the Dow Jones.

     

     

     

     

     

     

     

     

     

     

     

    I daytrade several ETF's, so I could  be long or short on the DOW today.

    Tags: $INDU
    Apr 30 06:27 am | Link | Comment!
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  • Weekly charts are pulling the trend today. Means rally not over by far.
    May 04, 2009
  • 2 Days ago: "guymar: Market Pushing Gann Based resistance since 2nd of April, will be broken one day or another." Thank you mr. Gann.
    Apr 30, 2009
  • Market Pushing Gann Based resistance since 2nd of April, will be broken one day or another.
    Apr 28, 2009
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