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TBT gapped up at the open today and it broke the previous high. TBT has made it to the 233 EMA and we will have to wait and see how strong the resistance will be.

USO has retested the up slopping trend line and seems to have found good resistance because it firmly repelled the price. The price also made its way into the TAZ, but has since fall out of the area. We should see a challenge of the 34 level in the next couple of days.

OIH has completed another five waves down to the 12/8/09 low. It has since bounced back up to the resistance level of 121. Whether or not the corrective process is complete is still in question. However, I do not see the price moving higher much further from current levels. The bounce from...

This is what I said in the last update, “I have labeled the Elliott Wave count for TBT correction from the 11/6/09 high as a double zig-zag. If I am correct in my count, the 11/30/09 low must hold support. A break out above the 11/23/09 high will confirm the correction is over. The 11/23/09...

There is much to say about the EMAs for USO. We have already seen how resistant the 233 EMA has been and now it is again starting to decline. The 233 EMA is like turning a huge ship. It takes a lot of space to get it turned around. The other significant fact about the 233 EMA is that the 55...

Sorry! I posted the price levels for PST before I corrected it.

ZSL appears to have completed an Elliott Wave impulsive 5 waves up today. If that is the case, look for a retracement to the 4.10 to 4.30 area. That will be a good place to enter a position. The 50% retracement level is 4.22 where there is an unfilled gap, which could be a good magnet for the...

TBT appears to have completed an Elliott Wave impulsive 5 waves up. If that is the case, look for a retracement to the 46.09 to 47.23 area. The price may not reach the 46.09 because of the strong support at the 47.23 level, which is the 38.2% retracement.

You are right that it is oversold short term and is due for a bounce. It may be today or it may be some day next week. When it does, I do expect a bounce to the 37 level, however, it has to clear 36.13 before it can test the 37 level. You may get a fill today on the 35.22 price and have a...

USO fell hard today even though the US Dollar did not close up for the day. The price has found the up slopping trend line today and may cause a pause. How long it will pause here is the question. I believe the 34 level will be tested in the next week or so, if not the 32 level. Volume was...

GLD has given back the gains made in 10 trading days in one trading day. Friday’s drop was brutal for gold. You have to remember that those 10 trading days were not flat trading days. The price those days were practically straight up a wall. Friday’s action is significant. I...

Sorry about the links. It want happen anymore. Appreciate the comments.

The price moved higher just as expected, however, it headed down sooner and harder that I expected. Besides a key reversal day, it painted a major bearish engulfment on higher than average volume. Look out below!

XLF has done nothing but move sideways since September. I have stated in previous post that I believe a corrective top is complete and I continue to believe it. I will attempt to back it up using Elliott Wave Analysis. The Financial Sector has been weak relative to other sectors and the...

PST has bounced up for the last two days from the recent low. I will not call it a bottom just yet. The reason why that is, there is not a complete five waves down. The pattern will look better with one more push lower. Of course, I could be wrong. In fact, looking at a 15-minute chart...

UNG made a lower low today. Big deal! It has been making lower lows for over a year. This one is a little different from the lower lows over the last couple of months. There is a clear five waves down since the 10/6/09 high. The fifth wave may not be complete, but if not, it should be...

USO has been trading sideways since 10/28/09 with a downward bias. One thing I wrote in the 11/17/09 post, which I want to continue keeping in front of you is, �The price action is very choppy with overlapping waves. One thing I do want to point out is the fact that Oil has been in a...

That is exactly what I am talking about. They knew exactly when to announce the news. Could you imagine the carnage in the world markets if they had not announced during all the festivals and holidays around the world?

What do you think about the timing of the release of the Dubai news? It was no consequence the news release was on a day that the U.S. market was closed for the Thanksgiving Holiday with Friday being a shortened day and many traders were off for the Holiday. Could they have picked a better day...

Kenny, I agree. However, I trade ETFs and I do not trade the dollar. In saying that, I do believe the dollar is about to move higher and of course, USO will move lower. I use Technical Analysis and trade accordingly and try not to allow my fundamental analysis bias get in the way. I have...