Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Three Day Rule – Day Three

By -

All charts and video today done last night or this morning for subscribers at theartofchart.net.

SPX spent much of Friday under the 5dma, but rallied to close on it, so the three day rule was not triggered. Bears have a second and last chance today to close more than two handles below the 5dma, currently at 2138.10. If they can then the rule states that we see a retest of the current retracement low at 2119 and likely go lower. If they can’t then the retracement low may well already be in and SPX likely rallies into the high window that opens on Thursday 23rd September, ideally retesting the current all time high or going a bit higher into the 2210 target that Stan and I are looking at. SPX daily 5dma chart:

160918 SPX Daily 5dma

(more…)

Metals Correction May Continue Through September

By -

First published Sat Sep 10 for members of ElliottWaveTrader.net: The market action this past week started out quite strong, and raised many hopes.  However, since I do not have a clear 5 wave structure confidently developed off the recent lows, I have to put hopes aside, and view the market in a dispassionate manner.  And, that dispassionate manner sees strong potential for another drop in the complex.

Last week, I noted that I can become aggressively bullish again should we see a clear 5 wave structure complete off the recent lows.  While I can make a colorful attempt at classifying the recent rally in the metals complex as a 5 wave structure, I have to be honest in my analysis and state that, to me, it did not look like a clear 5 wave structure.  So, the immediate bullish count will only be an alternative to me at this time, which the market will have to prove to me.

That means I have moved into the current market action representing a wave ii in the larger GDX count, whereas silver and gold still seem to present as a wave 2 in wave iii.  However, should the GDX be able to strongly break out impulsively over the recent highs, then I will view everything in the heart of a wave iii higher.  This is my simplified perspective.

(more…)

To B Or Not To B

By -

One thing that Stan and I are both bad at is drawing attention to our successes, as that feels like bragging, and we both know that good technical analysts are very prone to getting delusions of grandeur, which has a very negative (and often fatal) effect on the future quality of their work. We have no intention of going down that road ourselves.

However a certain degree of self-congratulation seems necessary for marketing purposes, so with some reluctance I’m going to be mentioning some current and past successes along with my equity index analysis today just to demonstrate what it is that we do at theartofchart.net. I’m going to be doing a post there later showing some seriously nice past calls on AAPL to promote our new Big Five (AAPL, AMZN, FB, NFLX, TSLA) chart service that we are launching at the moment, and if you’d like to attend the free public webinar that we are doing on Monday after the RTH close to promote that service then you can register for that here. We will be looking at the charts for all five in that free webinar. (more…)