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Tuesday, April 17, 2012

Elliott wave and technical analysis on the VIX-Index; DJI; SSEC and Apple

 VIX Index - Here I'm still looking for more upside pressure in the coming weeks/months.
The first minor target is 21.56, but longer term I'm looking for at least a test of 26.85 that should mean more pressure on DJI, S&P 500 ect.
 Dow Jones Industrial Index - I think we currently are building the right Shoulder of a S/H/S top. To activate the formation we need a break below 12.735, which would call for a decline towards support near 12.300.
 Shanghai Composite - Has most likely ended it's minor wave 2 and is ready to resume to the downside with the next target being close to 2,050.
A break below 2,309 will confirm that the downside pressure has resumed.
Until the break below 2,309 is seen we must accept the possibility for a slightly higher move up to 2,412, but it's not necessary


Apple - See my last post on Apple here http://theelliottwavesufer.blogspot.com/2012/03/elliott-wave-and-technical-analysis-on_22.html ( There was no correction just a direct rally even past 625)
The three charts above is all on Apple. The two first is the Monthly outlook on a semi-log scale (the upper chart) on a arithmetic scale (the middle chart) and finally a daily chart as the lower chart.
The final rise has been vertical and rises like these never ends in a good way (especially not for them buying close to the top...).
Looking at the daily chart we can see that we have had a break out of the rising channel and below support at 595 both raising the odds for an important top being in place at 644 and a much deeper decline under way.
I would at least expect a decline towards 367 and possibly even closer to support near 244, but time will tell.

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