Bottom Line: Wave 3 of (3) is in progress. We received confirmation today by way of a decisive break below both the neckline of the head and shoulders patterns on the SPX and DJIA, and a decisive break below the lower trendline extending from Aug 15.
I enjoyed watching interviews with these two analysts on Yorba TV today - Tony Cherniawski and Jeanette Young:
inthemoneystocks
InTheMoneyStocks.com continued its accurate analysis as their call on a commodity bounce and a market decline was dead on. They move to a more neutral stance as risk/reward has become neutral over the next day or two. They focus on the charts and analyze the technicals. Sign up for InTheMoneyStocks Methodology Webinar next week! Also, join the chat room to trade next to pro traders.
thermal1
stocktock
StockTock.com discusses the market's weakness and how to trade it. The market appears to be on the brink of a major breakdown, however, one final push higher to a double top level is still a possibility. The XLF is weak but holding its channel. The 10-year treasury bond is testing important support. The US dollar pulled back slightly, boosting commodities such as gold. We use Elliot Wave Theory to predict the market's next major move. We also touch on LEH.
TradingwithTK
Market breaks below a key spot
HFStrategy
(WED 8/20)Trade like the hedge funds do!Each video has the trade ranges for the next trading day...We use the same indicator Hedge Funds use to determine entry/exit points...I wil sell you this indicator....email me and make a reasonable offer: YYNY81@AOL.COM