Recent content by ccwells

It appears that the major indexes have started the change in trend. DIA has fallen through the congestion area of November and December price action. It seems to be settling or even a bounce off the November highs. There will be an opportunity to enter a short sell in the next couple of days...

The price has had a huge decline just in the last two days. That is not a good sign if you needing the price to move higher. There may be one or two day bounces on the way down to lower lows. There is good support at the 14.00 and 13.65 levels. The next support below that is the 13.10 level.

The price has fallen hard from the wave-2 high of 1/11/10. This decline has been impulsive, meaning no overlapping wave patterns. This decline has also fallen with several gaps down along the way. So far, this decline has only completed three waves down with the third wave being extended...

It is hard to see where we are in the Elliott Wave count with the decline being so severe. I do believe that a near term bottom is nowhere near at this time. The way the price action has been the last couple of days, the best thing to do is hang on if you have taken action on my...

Since my focus is on ETFs, I will use USO and others to present my analysis. First thing is that I use Fibonacci numbers as my EMAs. I use the 13, 55, and 233 EMA in my analysis. With that said, viewing the weekly chart the price has failed to breakout above the 55 EMA, again. What makes...

It looks like GLD is about to fall again. When viewing the weekly chart, you can see bearish Japanese Candlestick reversal patterns. There was an Evening Star and a Shooting Star with the weeks ending 11/27/09 and 12/4/09. The price dropped convincingly from those patterns. Since the...

UNG has moved in opposite direction of oil for most of last year. I do not see that changing in the near future. I do believe oil is about to sell off judging by the recent price action. However, UNG has found good horizontal support with the 1/11/10 low. That level will be critical for...

OIH made a higher high on 10/21/09 followed by a sell off that took the price down to the 12/8/09 low. From there, the price moved higher and broke above the 10/21/09 high on 1/8/10. The next trading day, the price opened well above the previous close, but could not hold those levels and...

USO and other ETFs related to oil such as, OIH, UCO, and UGA, all had bearish Japanese Candlestick patterns today. There were either engulfing or Dark Cloud Covers. Long positions need to be cautious here.

If you had been following my Elliott Wave counts, the recent pull back did not surprise you. You should have expected it. So far, TBT is in wave ii of 3 of III. I can see where wave ii could be complete when viewing the 15-minute chart. If that analysis is correct, the price should rally...

TBT has continued to make higher highs. It even poked its head above the 233 EMA for a couple of days. It is only the beginning. I will continue the discussion of the Elliott Wave analysis from the last update from 12/22/09. TBT keeps moving higher and higher. As you can see from the...

Last update: 12/30/09 <b>Where did we come from?</b> USO has bounced up from the trend line shown on the chart. I will have to admit that I have had difficulty in analyzing this chart. The price did drop as I anticipated in earlier updates; however, I did not anticipate the bounce we...

OIH has potentially completed two consecutive waves one and two. I have labeled on the chart waves I and II with waves 1 and 2. The wave label up to wave 2 appears complete in my estimation and the downtrend should resume immediately. On a 60-minute chart, I can count a five-wave pattern down...

I am short oil and china. I may be wrong with oil. A few more days will allow me a little more clarity. I have been following FXP and FXI, but have not pulled the trigger yet. I agree that nat gas has bottomed. There should be a good pull back that will allow for excellent entry...