AUDJPY sky hight !

Is it just me, or we actually have a new all-time record by AUD/JPY ? Look at RSI14, weekly chart. This is as overbought as It gets. Soon we will see correction, but whoever “joins the short side” is little bit crazy right now. Well, I tried it at 88.00, on the trendline, but got stopped out on the next week. Who could expect such crazy rally? After all this is the yen. Nothing special happens here. At least that’s the way it used to be. Now I am looking forward for a correction. Wave 4 of the impulsive wave C to be exact. I am pretty sure many more are waiting for the same. Let’s see how many of us are there:)

AMD hits 2.00 USD

Advanced Micro Devices(AMD) is one of the most volatile companies that I "have met":). Three times the price has fallen below 5.00 USD per share and so far has offered more than 100% profit in no time. Now you can buy it at 2.00 USD. To “buy, hold and pray” is exactly what you need to do this time. There are plenty of talks in internet that the company may bankrupt. Well… no pain no game! Still, I do think it’s worth to risk a few dollars and hope for the best:)

Go, platinum, go !

Gold, gold, gold… Don’t you had enough already? Ok, it is expensive and probably will get even more expensive, we got it. But there are other metals, which reward a trader, who is brave enough to buy something that isn't yellow. Yes, the silver played quite well last week. But I am looking at the platinum now. It is giving very clear bullish signal. Take a look at its daily chart:

New important top, after a correction during September. And this big green candle couldn’t make the bulls happier. Maybe we will see prices above the levels in March?And all that happened in a day in which our favorite gold and silver didn’t manage to do something remarkable. Ye, gold moves 0.40 $ higher, big deal… We have seen better:_)

Terminal impuls or triangle in - AUD/USD wave count

This is a post for traders who use Elliot waves. Please don’t expect that all post in this blog will be so specific. This one is an exception. Most post will be more user-friendly ;) Promise... (y)

Have you noticed how corrective every single move is in AUD/USD recently? Every trader familiar whit the Elliot wave theory (personally I work with Glen Neely method) knows that 3 corrective waves in a roll leave us with two assumptions – Triangle or Terminal impulse. So far I can’t tell which pattern is forming. Of course, I hope it will be a terminal impulse (also called Ending). It is the most generous formation in the wave theory in my opinion. I will come back to this topic when the price progress reviews some more clues. Meanwhile let me point out a few interesting signals, which define the last two moves as corrective (99% certainty :)

                                       AUD/USD 2H - 28 September 2012

 

Signal 1 – The entire rise in price is clearly in 5 waves. It may look like an impulse, but in my opinion it is a double combination (two corrective moves one after another). Killer argument - the second advance is the shortest wave.

Signal 2 – Another illusion. This may sound a little confusing, but actually this pattern don’t violate the rules for a triangle (according to Glen Neely method). When wave B is longer than wave A, wave C may be longer then wave B (Nobody said that this theory is a piece of cake). Some other theories may name this patter "Diametric". To be honest I am not familiar with the rules of diametric formation. However, we have a triangle/diametric in second wave. This can’t be a start of an impulse.

Signal 3 – If at the start of October we see a new rise in AUD/USD (So far I am expecting to see one), this also mustn’t be an impulse. The correction is more that 61.80% Fibonacci.

"Common let's twist again" (music)

Let's have a dance with Mr. Market. Sounds like fun !

 

 Trend line +200 EMA. Can there be a better place to sell?

"Told you... I can almost taste my big profit! Stop above the previous top"

“WOW!  That was tricky!  Now we have a huge buy signal. Never mind, I will reverse with the market.”

 

“Ouuuuu!  A false break. Really ? One more try… Stops above the trend line and 200 EMA”

 

 That’s it… I am really getting dizzy.

Don't tell me... It was a triangle O_O