Saturday, May 1, 2010

(Video) Nifty (India): Mark Galasiewski's View

Mark Galasiewski, is the editor of Asia Pacific Financial Forecast, at Elliott Wave International. Here's an interview with him, by India Times, on the Nifty Index. Enjoy!

Thursday, April 29, 2010

Shanghai Composite Very Short-Term: Rebound likely

Last post suggested that the bullish triangle in the shanghai composite was still intact as long as prices stay above 2890. Today, SSEC closed at 2868, officially in dodgy territory. Before we go on to ponder what that means, here's a snapshot of the hourly chart for the very-short-term picture:

At the bottom of the chart, note the RSI divergence, which indicates that a rebound is likely at this point, towards resistance in the 3020 area. Also note the declining down volume, and the completion of 5 waves on this leg.


So the ultimate question: is the triangle scenario still valid? Based on all the indicators i'm watching, it is highly likely that it still is! We may have to modify the triangle count to a much broader one, implying a longer sideways path, and a rally towards year-end. A break below 2700 will cancel this option. After watching the next few sessions, i'll explain the broader triangle count in the next post.

Stay tuned, and all the best!

Wednesday, April 28, 2010

S&P500: Some charts

In lieu of prophecies, i let the charts do most of the talking this post :)


Sentiment is reaching the bullish highs of Jan-10. Also note the divergence, Price has made new highs, whereas sentiment has not (so far). Could be classic "5th wave" or "Z wave" divergence, whatever the count! Anymore upside movement, is definitely swimming against the tide here.

Long-term chart:
 At parallel channel resistance, 61.8% retrace, and just below historical resistance area around 1300

6-month price-by-volume chart:
A technique shared by Leisa, shows significant support around 1150 & 1100

Hourly chart:
Range between 1215 & 1180, a break below would find support around 1140-1150.

Very short-term, expecting an upward-to-sideways grind, followed by more downside. Minor support 1162 area. Resistance areas 1200, 1205 & 1214.

All the best!