Ewj: elliott wave

Great opportunities for TRADERS today, especially in the COAL STOCKS.

They got sold down hard, and rallied back up to make new highs in the morning. ACI, BTU, CNX, and others as Friedman, Billings, Ramsey raises their 12-month price targets on the group.

Check out the chart on BTU.
Very oversold.
 
Round Tripper on the OIH this morning . . . from 101.42 all the way up to 104.52 and then back to 101.45 - - - all happening within 75 minutes!!!

:D
 
Literally one of the smallest ranges heading into a Quadruple Witching Expiration that I have ever seen . . . about 14 handles the past two days heading into Friday.

amazing.
 
Candle Stick Morning Doji Star pattern on 40/200 dSMA Bullish Cross :) .

Bullish Morning Doji Stars are a rare reversal pattern that offers one of the strongest bullish reversal signals in the Forex Market. Morning Star formations are characterized by a continuation of a bearish trend followed by a Doji, reflecting uncertainty in the strength of trend.

Up to day two we actually have a Doji Star formation, a moderate strength bullish pattern. After the day of indecision, the trend reversal is confirmed when a rally creates the large bullish candle. The stronger the move up on day-three, the stronger the reversal signal. Watch for additional bullish price action in the next few days.
http://www.fxwords.com/b/bullish-morning-doji-star-candlestick.html
 

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Hey mu200411,

I hate to play devils advocate after such a nice run on the s&p, but my understanding of a bullish reversal pattern is that it takes place after a material downtrend, where shorts are rampant and possible capitulation is in place. gaps on the down & upside characterize the conviction--also lacking in this case. we are only undergoing a small pullback (so far) after a very significant run up. what i mean is a bearish shooting star (opposite formation) would more qualify at this point of upside exhaustion b/c that is more where we sit on the trend--not that such a pattern exists right now. i think the market is experiencing this exhaustion more so than the contrary to qualify an evening star. not that i am a master of candlesticks but the visual effect could be misleading in this instance b/c it does not qualify from a mechanical standpoint. food for thought on that idea anyway.

i do appreciate your analysis re: EW though, so i am just pitching in a bit. i am still trying to piece together the EW principles :-)

thx group! keep it going please.



here is a link with a better definition of such pattern which explains those circumstances i mention.

http://www.nobletrading.com/blogs/2008/10/bullish-morning-doji-star-pattern.html




-e
 
mu200411,

i need to correct---

i state: i think the market is experiencing this exhaustion more so than the contrary to qualify an evening star


i meant: i think the market is experiencing this exhaustion more so than the contrary to qualify an "morning" star
 
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