Elliott Wave: Week of 6/4/18 - I am the Greatest!(or was, maybe)
Well, there was only one famous athlete that could confidently, and repeatedly, proclaim to be The Greatest! The rest of us may get a fleeting moment, hence my tongue-in-cheek title this week.
I caution you to not expect such precision as my call last week for EXACT support at 2676, being the eventual low on Tuesday as Italy flared up. Further caution: I had to work very hard to battle Tuesday's drop having gone in long, and was watching that 2676 level VERY closely. Fortunately, it all worked out for me and now allows for expected further advance during wave 5.
The general theme of "unwinding" continues. Noko talks improving, rates are lower, and maybe tariffs + NAFTA are resolved soon. Even Italy's government seems to be settling down, for now.
I seriously encourage anyone to think of what happens as news reverses since it helps identify opportunity. For example, my original long was a result of my Elliott Wave expectations with opportunity presented when Noko talks were initially cancelled and markets declined. Yes, I considered it posturing or negotiating and not a significant event. However, I didn't see the double event of Italy coming so soon. Thankfully, trend matters.
Bottom line: I actually don't see any of the mentioned news events as being significant, other than as noise along the way. If they present opportunity, then I'm interested. On the other hand, trend and anticipated direction matter a great deal.
We'll see what news becomes fit to print as wave 5 unfolds. Like most, I like happy endings, too.
I caution you to not expect such precision as my call last week for EXACT support at 2676, being the eventual low on Tuesday as Italy flared up. Further caution: I had to work very hard to battle Tuesday's drop having gone in long, and was watching that 2676 level VERY closely. Fortunately, it all worked out for me and now allows for expected further advance during wave 5.
The general theme of "unwinding" continues. Noko talks improving, rates are lower, and maybe tariffs + NAFTA are resolved soon. Even Italy's government seems to be settling down, for now.
I seriously encourage anyone to think of what happens as news reverses since it helps identify opportunity. For example, my original long was a result of my Elliott Wave expectations with opportunity presented when Noko talks were initially cancelled and markets declined. Yes, I considered it posturing or negotiating and not a significant event. However, I didn't see the double event of Italy coming so soon. Thankfully, trend matters.
Bottom line: I actually don't see any of the mentioned news events as being significant, other than as noise along the way. If they present opportunity, then I'm interested. On the other hand, trend and anticipated direction matter a great deal.
We'll see what news becomes fit to print as wave 5 unfolds. Like most, I like happy endings, too.