GNW: Bearish Wolf Wave

Hedge time again for my net long portfolio. Let's try this GNW short set up. Remember to set stops for loss and gain. Don't forget to take gains in corrections.

Update on SPX Bearish Wolfe Wave

Yesterday I presented the targets and stops for the bearish Wolfe wave that developed. Target is the 1168.20 level and stops are the red trendline. The numbers on the chart are Wolfe numbers. Not drawn would be Elliot wave numbers, and by my calculation we are currently in Elliot Wave 4 since this morning and Wave 5 should start before the close today.

Disclosure: I am long FAZ, UUP, DZZ, QID; short WFC, AMZN. These holdings may change before the close today, but UUP is a longer term holding.

$SPX 30-min Bearish Wolfe wave

On short term basis the SPX is bearish. Stop is the red trendline.

Update of GLD Bearish Wolfe wave

A couple weeks ago I showed that GLD was giving us a test of top. As of today, the weekly is showing a bearish Trader Vic2B reversal which is consistent with a developing Wolfe Wave.

I sold all my longs since January and even starting a tiny position in DZZ (ultra-short GLD). Shorting individual miners could be another strategy-- many are exhibiting bearish patterns as well.

QQQQ: Bearish Wolfe Wave

QQQQ on 65-min chart is showing a developing Bearish Wolfe Wave and also a double top formation. If trendline breaks, enter short (or long QID) with target 48.80. Stop 51.75

Gold: Bearish Wolfe wave...

developing on weekly? Do not short this too early, but here are the targets if it breaks down. This works like a test of top. 127 would be a point to consider lightening any long positions.



Disclosure: I'm long GLD.

More bearish Wolfe Waves: XLF

See previous post for explanation.

Update: SPY Wolf Wave

The Nonfarm Payrolls this morning came in okay at -36K and futures, which were up already, are acting favorably. Traders like this number! This is a classic melt-up on this swing high and correlates very well with the Wolfe Wave. Looking at 130-min, I think it's time to start stalking a down bar for a short entry-- go short 1/2 position below previous bar low and add another 1/2 short position below the swing low (about 112).

I'd still hold tight buy-stops on short positions at the high of the previous 130-min bar or daily bar, but a correction will be fast and furious, so set your entry sell-stops now.

Spy Wolfe Wave says higher...

...short term, then we fail a test of the top. We are at significant resistance here on the 61.8% retracement level.

Update: IYR Wolfe wave bearish

Earlier today I presented a trade set up. So far, so good:

IYR Bearish Wolfe Wave

Bearish Wolfe Waves: SPY and EEM

SPX: Bearish Wolfe Wave

TWM: high risk Wolfe Wave

Be careful with this set-up; use a half-position and use discipline with buy and sell stops.

Update: ESH10_F: Bearish Bingo!

Cha-ching. That's a target and I'm out for a quickie.

ESH10_F: Bearish Wolfe Wave

Target = 1107.75; Buy-stop = 1111.25

IWM: Bearish Wolfe Wave

The small caps have been doing quite well this week in anticipation of a Santa Claus rally and the January Effect. Now we see a bearish Wolfe Wave for a pullback.