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Wednesday, March 13, 2013

Elliott wave analysis on Shanghai Composite and Novo Nordisk



 Shanghai Composite

Is locked in a well defined downtrend. In early December 2012 we saw a bottom, of a five wave decline from 3.187, at 1.949 which marked the end of wave A and we have eigther seen the end of wave B or is correcting wave a of B before one last rise higher towards the channel resistance-line near 2.700. However a break below 2.225 will add pressure towards the downside for a continuation down to 2.050.

Novo Nordisk

Please see my last update on Novo Nordisk here first: http://theelliottwavesufer.blogspot.dk/2013/02/novo-nordisk-as-textbook-elliott-wave.html

Novo has likely just ended its b wave and wave c down is under way. Short term we could see a move towards 1.030 before the next real downside pressure takes over for decline down to at least
858, but we will likely see even lower levels near 710 tested.
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7 comments:

  1. AnonymousMarch 13, 2013 at 6:39 PM

    Hi,

    can you please tell me how you can plot stocks on metatrader? or do you use another program?

    Thank you.

    ReplyDelete
  2. AnonymousMarch 13, 2013 at 9:36 PM

    EWS - are you still confident that FB has likely bottomed? stock seems really weak recently. HFM

    ReplyDelete
  3. UnknownMarch 13, 2013 at 9:37 PM

    Thanks for the charts, so a potential real bottom is in - in Shanghai and good level to short Novo

    ReplyDelete
  4. Elliott wave surferMarch 14, 2013 at 5:41 AM

    Hi Pedro,

    I'm not useing Metastock, but a program call NetStation, so I can't help you there.

    Kind regards
    EWS

    ReplyDelete
  5. Elliott wave surferMarch 14, 2013 at 5:50 AM

    Hi Hedgiefundman,

    No I not confident tha FB has bottomed as we haven't seen a break above all important resistance at 28.94. That said, I would still rather be holding a long position here than bet on one last decline to 25.50, but if we do break back below 26.34 we should see one last decline close to 25.50, which should prove to be an excellent buying opportunity in my eyes.

    Kind regards
    EWS

    ReplyDelete
  6. Elliott wave surferMarch 14, 2013 at 5:56 AM

    Hi John,

    I don't think that we have seen a bottom in The Shanghai Composite, that would take a break above the channel resistance-line for me to believe that.

    Yes I do think this would be a good level to short Novo. I would not be surprised to see anothe powerful decline soon. You could see a move closer to 1.030 before the next decline below 998.50, but below 998.50 is clearly bearish.

    Kind regards
    EWS

    ReplyDelete
  7. UnknownMarch 14, 2013 at 8:10 PM

    Many thanks for charts and replies

    ReplyDelete

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