The contrarian Italy forecast is working
Now that price is testing the first major resistance area, it’s time to reassess the trade.
S&P 500 (SPX) Update
There was an error in support values in the morning chart. Decided to make a separate post instead of replacing the previous one. The theme is the same. A new low improves the form but if they begin to push past resist, 2359 SPX, a small short squeeze can...S&P 500 (SPX) 2017-03-26
When you step back and look at the large structure, you can see a broad five wave move up from the 2009 low. That should mean we are in the last phase of the advance though this last leg, the one up from early last year, can extend. I am beginning to think they drag...Performance matters: Review and forecast for Italy fund EWI
It was mid-July when we suggested a countertrend trade in the iShares MSCI Italy ETF (symbol EWI). Although the economic news out of Italy at that time was mostly bad, we thought the Elliott wave chart pattern offered reasons to expect at least a modest bounce from support. We then revisited EWI in November.