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Thursday, November 26, 2009

Thursday Updates!!

-Elliott Wave International has just released a free 42-Page eBook, How You Can Identify Turning Points Using Fibonacci. Created from the $129 two-volume set of the same name, it’s available free until November 30, 2009. Learn more.
This one is well-worth the time it takes to download, and covers a lot more then what was in Prechter book, Elliott Wave Principle. It has a lot of retracement levels for the different triangles and styles of corrective waves we encounter everyday!!

Update, 6:49 thurday evening, Asia opened up in the Red, China done 1.86%, HSI down 2.69%, Nikkie down 1.81%. The Dollar was up to 75.11.

Update!!- The Dollar is on a tear this morning, at one point hit $74.98, and the ES-minis were down to 1083. All of Europe is currently down over 3%. I will be updating as long as things keep moving!!!

7:49, The USD hit some very important trendlines of support yesterday, the line from the lows in 2008, and the lower trendline of the channel from July all while breaking through the support of the June, 2008 high in a sharp hard spike down, and so far has the looks of an overthrow, a sign of a bottom maybe?
This morning the Dollar is up strongly to currently $74.83. I am watching the $76 level for the first signs of a turn around.
7:28, With the ES mini futures down to $1086.50 I am having a little higher confidence is this count. The only thing I have changed is to move the blue 2 over, and that was because of what I saw on the ES-mini. It looks more like an a-b-c where I had the smaller degree 1st wave labeled. The ES-mini decisively broke through the trendline that was slightly breached at the close yesterday. The VIX, which also had a baby spike coming out of the Ending/bullish triangle yesterday should have a nice move up on the open tomorrow.
It will be very interesting to see if China follows through tonight on another sell. We could really have a set-up for a real black Friday. This would not surprise me because of all the divergences and the disconnects that have been happening in the markets this week. Gold up, while the other precious metals, and with the oil and natural gas down along with the dollar. The DOW making new highs, while the Russell continues to further widen the gap down. All the things together with the divergences on the daily charts have been pointing to a major trend change on the horizon.

7:16, Asia started the night by selling off with the Nikkie down .62% and China down 3.62%. That carried over to Europe with the FTSE down 1.94% and the DAX down 1.92%. All while the Dollar moved up to $74.74.
The ES mini-futures are currently down to $1086.50 and has broke down below the trendline that has been support for the last week in an impulsive style wave and is very close to making a lower low!!!


  1. Hey Col, Happy Thanksgiving Brother!!!

  2. happy T-day !
    im not having any luck finding that EWI free book
    How You Can Identify Turning Points Using Fibonacci
    i looked in stuff under the FREE tab, and the home page.

  3. scratch that! i read over the link too fast
    thanks for the heads up

  4. Thank yo Michael, keep up the great work and beautiful charts......Happy holidays to you as well, mate!!