Sunday, April 29, 2007

Stockcharts.com Weekly review

Another week of bullish action. What did the Stockcharters have to say about it?

Joe Reed suggests anything over "1,500" will soon be the end of the bull market.



But hasn't opted to guess a top in the Dow:



His Oil Index chart is interesting and is suggesting a top is in place (or will be very soon):



Mitchell Meana has updated his Elliot Wave counts, but I am unclear of the larger count (comments welcomed!):



Although stochastics are showing an interesting rising wedge on the 60-minute chart of the DIA, irrespective of the wave count involved:



The same goes for his 60-min Qs, although its rising wedge has been breached to the downside (without any major break in price yet).



For the Nasdaq 100 he has labelled an upside target of 1,914 for an expanded 'C' wave up. Alternative target is 1,892 if wave C was to be equal to wave A, which is more or less where it finished on Friday.

For the Russell 2000 he has outlined a rising A-B-C-D-E bearish wedge:



Ted Burge kept his comments brief:
April 27th! Doing what price usually does at resistance!



Jack Chan may (soon) be indicating a TLBBS for the USO:



With his Rydex Energy Services chart already in a new upleg:



The same can't be said for Gold and Silver:



Richard Lehman's channel magic comments will close the week out:
There are some impressive channels out there now. Many have changed slope once or even twice, but they keep on rolling. Pretty much everything remains in uptrends. The only yellow flag is the fact that indices like the S&P are now hitting the upper multi-year daily channel line. However, it did that before and just crawled along that upper line for several months.






 
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