Elliott Wave Analysis Daily & Weekly XJO Updates Disclaimer

31/05/07

...and higher again today. Nothing more to add, just waiting for price action to confirm the direction of the next move.

30/05/07

Prices swung lower today.

If Friday's low is broken, it could signal lower prices from here.

However, many a time prices can swing back sharply with a vengeance, so the trend's not over just yet.

Link to Daily chart: charts/XJO_20070530.JPG

29/05/07

There was a strong bounce today, which may be encouraging for the case for new highs.

Let's see how things develop.

Link to Daily chart: charts/XJO_20070529.JPG

28/05/07

Today's lack of a rally has me questioning whether with seen the wave 5 high.

It's not confirmed either way as yet - the price action will give the answer, hopefully this week.

Link to Daily chart: charts/XJO_20070528.JPG

25/05/07

We had another sharp fall this morning, but prices came back toward the close.

Hopefully, next week will indicate whether the uptrend has 'more legs' and we will see higher prices.

Link to Daily chart: charts/XJO_20070525.JPG

24/05/07

We had a significant drop today - perhaps the start of something, but a bit too early to tell.

Sometimes these short sharp falls can shake things out before another push higher, so lets see how things go before we get too excited.

Link to Daily chart: charts/XJO_20070524.JPG

23/05/07

Around 16 points higher today and still caught up in the sideways moving pattern.

Are we near the end of the trend?

Link to Daily chart: charts/XJO_20070523.JPG

22/05/07

This current price action is making very slow progress upwards, perhaps a sign that the trend is tiring?

Link to Daily chart: charts/XJO_20070522.JPG

21/05/07

We made some progress today.

Further gains tomorrow would help the case that wave 3 has started.

Link to Daily chart: charts/XJO_20070521.JPG

18/05/07

We came back down with a bump in Friday's trading.

If we don't see any progress very soon, it could mean that the final high is in.

Link to Daily chart: charts/XJO_20070518.JPG

17/05/07

A positive day has seen prices break to the upside, nearly giving us a new all time high.

A bit more upside should confirm that wave 3 has started, but it does look like we're on our way to completing the pattern.

Link to Daily chart: charts/XJO_20070517.JPG

16/05/07

No change today.

We're at the lower part of this pattern at the moment. If this is a small wave 2 consolidation, prices should start to make some headway fairly soon.

Link to Daily chart: charts/XJO_20070516.JPG

15/05/07

The current price action is looking like a sideways moving wave 2 at the moment.

A breakout to the upside could signal the start of wave 3.

Link to Daily chart: charts/XJO_20070515.JPG

14/05/07

It looks like prices are headed back to complete this last wave 5.

Link to Daily chart: charts/XJO_20070514.JPG

11/05/07

We felt a roll on effect from a weak prices on Wall Street today.

Is this the last wave 5 breaking down into 5 smaller waves, as initially thought, or are we seeing a shortened 5th wave?

Time to keep those stops tight I think.

Link to Daily chart: charts/XJO_20070511.JPG

10/05/07

We made progress today and if the current thinking is correct, this should be wave 3 of green wave 5.

Further gains should follow.

Link to Daily chart: charts/XJO_20070510.JPG

09/05/07

Some volatility into the close today, but we ended firmly higher and we should be making further headway from here.

Because this looks, at the moment, like this is the final wave 5, caution is always a good idea in case things are cut short.

Link to Daily chart: charts/XJO_20070509.JPG

08/05/07

Some profit taking today, with budget news in the air.

The trend is up and this minor pullback could be a wave 2 forming, of green wave 5.

Link to Daily chart: charts/XJO_20070508.JPG

07/05/07

Prices moved convincingly higher today and I'm expecting further gains this week.

Link to Daily chart: charts/XJO_20070507.JPG

04/05/07

We moved convincingly higher today and wave 5 is well on it's well.

We will have to be aware of extensions, particularly in wave 3, but wave 5 will equal wave 1 in points @6410.

Link to Daily chart: charts/XJO_20070504.JPG

03/05/07

Well, it looks like we made a small amount of progress today.

Hopefully prices will continue to push higher tomorrow.

Link to Daily chart: charts/XJO_20070503.JPG

02/05/07

We saw the start of a breakout to the upside today which, if it continues, will form wave 1 of the next leg up.

I'll be waiting to see a corrective wave 2 for added confirmation that the trend has turned up and then hopefully, wave 3 will then take us to greater heights to complete the pattern.

Link to Daily chart: charts/XJO_20070502.JPG

01/05/07

Again, no change, we're still in this small consolidation pattern.

Interest rate news out this week may give us some direction - or at least a better trend to trade.

Link to Daily chart: charts/XJO_20070501.JPG

Disclaimer: This is for educational purposes only and is not trading advice. These are personal views of the author. The reader should always seek professional advice to suit their personal circumstances.