Elliott Wave Analysis Daily & Weekly XJO Updates Disclaimer

To read these updates in the correct order, please read from the bottom to the top.       

30/11/06

Today's chart - with wave 3 making more progress today.

29/11/06

Prices recovered yesterdays losses to close at the high of the day.

I'm expecting the index to push higher from here, with wave 3 now underway.

Link to Daily chart: charts/XJO_20061129.JPG

28/11/06

I guess you could call today's decline somewhat severe, but as mentioned in the previous post, last weeks low 'should' hold.

This looks like a wave 2 decline, so waves 3, 4 and 5 to go (with wave 4 probably moving more sideways since wave 2 is sharp - the rule of alternation).

Link to Daily chart: charts/XJO_20061128.JPG

24/11/06

Prices pulled back as expected.

We may see a bit more downside, before a further rally, but any decline shouldn't be too severe and this weeks low should certainly hold (for now).

Link to Daily chart: charts/XJO_20061124.JPG

23/11/06

The rally of the past few days confirms that the smaller a-b-c correction is over.

In all likelihood we will see a small pull back (wave 2 on intra-day charts) before prices push higher into a final wave B top.

This has been a long time coming!

Link to Daily chart: charts/XJO_20061123.JPG

20/11/06

A couple of weeks on from my last post and prices have worked out an a-b-c pattern downward.

We should see the low 'fairly' soon before prices, in all likelihood, work up to a final high before a more severe decline.

Updates will be more regular from now on - particularly the intraday ones at www.TradingTheSPI.com as I am focusing on intraday trading.

Link to Daily chart: charts/XJO_20061117.JPG

07/11/06

A bit of a surge upwards today, on the back of a strong Wall St.

I'm away on holiday for a week or so and will be continuing to post when I get back.

In the mean time, this uptrend will probably work a little higher before the first sizable retracement - a pull back of 2+ days being the first indication that it has begun since this would be greater (in days) than any in the last month.

Longer term my thoughts haven't changed - a completion of wave B will pave the way for a long decline to lows for the year (although this year is running out and a decline will probably run into 2007).

Link to Daily chart: charts/XJO_20061107.JPG

03/11/06

Prices pushes higher as expected.

I see a bit more upside next week, but the trend is slowing down.

Link to Daily chart: charts/XJO_20061103.JPG

02/11/06

After an initial dip, prices came back strongly today.

If Wall Street finishes off its small correction of the last few sessions and moves higher, I see us pushing higher as well.

Link to Daily chart: charts/XJO_20061102.JPG

01/11/06

Not much change again. Prices pushed higher.

I don't think we've got that much more to go - but the trend is still up.

Link to Daily chart: charts/XJO_20061101.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.