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Everything posted by JoshM

  1. You guys seen the pretty reliable V-shaped patterns in FTSE over the past 8 months? 5/8 of those months we have seen the market sell-off heavily and bottom out in the middle third of the month (11-20th). Another one to come this month? 
  2. Im still looking at this from a wider perspective considering the impact Thursday's vote will have upon the market. Possibly a big double top pattern in play here. Given that the index is comprised of near enough 70% EUR and GBP, a vote to remain (which seems the likeliest) would bring massive upside for GBP and EUR, likely sending this market back to/below support. Of course this is hugely dependent upon the result. However, this topping pattern could yet be completed by Friday. 
  3. For my ten cents, the markets have certainly been struggling for a while now, with the Dow in particular attempting and failing to create new highs over the past 8 months. The interesting thing is that should we see new highs created for the Dow, I do not think there is the same emphasis for a sharp rally to push significantly onwards. However, of course any downturn could result is a substantial deterioration relatively quickly. As such, the higher the likes of the Dow gets, the less attractive it has is. The Brexit threat is of course going to be a key driver of volatility over the next week, yet I feel that should we see a 'remain' vote, the upside would be substantially smaller than the negative impact of a 'Brexit'. Then again, that goes for GBP too.
  4. This is why I do not use Elliott Wave with my trading. Theres always another way to look at it when it doesnt work out. But if you are making money then you can't argue with that. Good luck
  5. Not a big user of Elliott Wave, but we are certainly seeing some nice counts and fibonacci's. That symmetrical triangle is finally breaking out to the upside. Here are the waves as I see them. I would have seen the 4th count at your point (a). Interesting to see how well the Fibonacci retracements are being respected (61.8% on wave 2 and 38.2% on wave 4). Could see this 5th wave move into $1300 (1.61 x Wave 1). However, with next big resistance at the January 2015 high of $1307, I see that $1300-1307 zone as a likely zone we could move towards.
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