Weekly 3LB Update for week ending 2/5/10

Weekly 3LB update (week ending 2/5/09)
a new high or low will change the reversal price and the midpoint

SPX -new low & now trending (also trading below monthly 3LB mid)
trend=down
rev= 1126.48; mid= 1096.32



Dow Jones -new low & now trending (also trading below monthly 3LB mid)
trend=down
rev= 10520.10; mid= 10266.17



Nasdaq Comp -new low
trend=no; direction=down (2 bars)
rev= 2317.17; mid= 2229.15




DXY -new high (also closed above 55 & 89 SMA)
trend=up
rev= 77.86; mid= 79.15




Gold -new low & now trending (also trading below monthly 3LB mid)
trend=down
rev= 1146.80; mid= 1099.50



VIX -no change (closed above monthly 3LB reversal price)
trend=no; direction=up (1 bar)
rev= 17.91; mid= 22.61




WTI Crude Oil -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 82.75; mid= 76.97




Sugar #11 -new low & WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 29.90; mid= 28.04





10 Year -no change
trend=no; direction=down (2 bars)
rev= 38.62; mid= 35.37

30 Year -no change
trend=no; direction=up (2 bars)
rev= 40.11; mid= 43.53

SLV -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 18.22; mid= 16.56

BAC -no change (almost had a new low)
trend=down
rev= 17.46; mid= 16.02

AXP -no change
trend=no; direction=down (2 bars)
rev= 42.39; mid= 40.03

AMZN -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 138.47; mid= 127.93


M -no change
trend=no; direction=down (2 bars)
rev= 19.82; mid= 17.70


XLF -new low & confirmation week...finally after 13 weeks
trend=no; direction=down (2 bars)
rev= 15.24; mid=14.59


BKX -no change
trend=no; direction=down (1 bar for 14 weeks)
rev= 47.69, mid= 44.96


Powershares USD Bull (UUP) -new high
trend=up
rev=23.03; mid=23.34

Goldman Sachs -no change
trend=down
rev= 164.16; mid= 156.44

TLT -no change
trend=no; direction=down (2 bars)
rev= 99.01; mid= 94.15

Apple Computer -no change
trend=no; direction=down (2 bars)
rev= 211.98; mid= 202.02

DXY Fibonacci Levels (Major and Minor)

This is a quick look at the dollar with what I call major and minor fibonacci levels. The major levels use the usual fibonacci levels while the minor uses the same levels divided by 10. Fibonacci works on all levels so this is similar to "waves within waves".

Dollar has a monthly 3LB reversal

DXY
Monthly 3LB reversals are major in the dollar because the direction change is good for a few months or longer. Just a FYI.







UPDATE: Added monthly S&P chart and info

The S&P is approaching the midpoint of its monthly 3LB reversal price. Closing below the midpoint price usually indicates that sentiment has changed. This weighs more heavily than weekly midpoint breaks.

Weekly 3LB Update for week ending 1/29/10

Weekly 3LB update (week ending 1/29/09)
a new high or low will change the reversal price and the midpoint


SPX -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 1144.98; mid= 1109.43

monthly info -no change
trend=up; rev= 1020.62; mid=1067.86


Dow Jones -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 10618.19; mid= 10342.76

monthly info -no change
trend=up; rev= 9712.28; mid= 10070.17


Nasdaq Comp -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 2317.17; mid= 2232.36

monthly info -no change
trend=up; rev= 2009.06; mid= 2139.11



DXY -new high
trend=up
rev= 77.82; mid= 78.64

monthly info new high MONTHLY REVERSAL
trend=no; direction=up; rev= 74.88; mid= 77.17



Gold -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 1174.20; mid= 1127.80

monthly info -no change
trend=up; rev= 978.80; mid=1079.95


10 Year -no change
trend=no; direction=down (2 bars)
rev= 38.62; mid= 35.37

30 Year -no change
trend=no; direction=up (2 bars)
rev= 40.11; mid= 43.53

SLV -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 18.22; mid= 17.06

BAC -no change (trading below mid so bears still in control)
trend=down
rev= 17.46; mid= 16.02

AXP -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 42.39; mid= 40.03

AMZN -no change
trend=no; direction=down (1 bar)
rev= 138.47; mid= 129.95

M -no change
trend=no; direction=down (2 bars)
rev= 19.82; mid= 17.70



VIX -no change (did test monthly 3LB reversal price though)
trend=no; direction=up (1 bar)
rev= 17.91; mid= 22.61




XLF -no change
trend=no; direction=down (1 bar for 13 weeks)
rev= 15.24; mid=14.65

BKX -no change
trend=no; direction=down (1 bar for 13 weeks)
rev= 47.69, mid= 44.96

WTI Crude Oil -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 82.75; mid= 77.73




Powershares USD Bull (UUP) -new high
trend=up
rev=23.01; mid=23.23


Goldman Sachs -new low
trend=down
rev= 164.16; mid= 156.44




TLT -no change
trend=no; direction=down (2 bars)
rev= 99.01; mid= 94.15

Apple Computer -new low & confirmation week
trend=no; direction=down (2 bars)
rev= 211.98; mid= 202.02




Sugar #11 -new high
trend=up
rev= 27.53; mid= 28.72

Daily musings on asian markets

Hang Seng
currently has a weekly 3LB reversal as it's trading below 20375.49





Nikkei
currently has a weekly 3LB reversal as it's trading below 10494.70





Kospi
currently has a weekly 3LB reversal as it's trading below 1661.35





Shanghai Composite
already had a weekly 3LB reversal and is now being confirmed by trading below the low of the reversal (3223.94)




MSCI Emerging Markets
already had a weekly 3LB reversal and is now making a confirmation low (which needs to hold through the end of the week).

Weekly 3LB Update for week ending 1/22/10

Weekly 3LB update (week ending 1/22/09)
a new high or low will change the reversal price and the midpoint


SPX -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 1144.98; mid= 1118.37




Dow Jones -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 10618.19; mid= 10395.59




Nasdaq Comp -no change (now trading below mid)
trend=up
rev= 2194.35; mid= 2255.76



DXY -new high
trend=no
rev= 76.57; mid= 77.43





Gold -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 1174.20; mid= 1133.80




10 Year -no change
trend=no; direction=down (2 bars)
rev= 38.62; mid= 35.37

30 Year -no change
trend=no; direction=up (2 bars)
rev= 40.11; mid= 43.53


SLV -no change (now trading below mid)
trend=up
rev= 16.50; mid= 17.36

BAC -no change (trading below mid so downtrend still in control)
trend=down
rev= 17.46; mid= 16.02

AXP -new low WEEKLY REVERSAL
trend=no
rev= 42.39; mid= 40.49


AMZN -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 138.47; mid= 129.95




M -new low (this was a confirmation week of the trend change)
trend=no; direction=down (2 bars)
rev= 19.82; mid= 17.70



VIX -new high WEEKLY REVERSAL
trend=no; direction=up (1 bar)
rev= 17.91; mid= 22.61




XLF -no change (looks like its going to follow the rest of the market)
trend=no; direction=down (1 bar for 12 weeks)
rev= 15.24; mid=14.65

BKX -no change (same as XLF)
trend=no; direction=down (1 bar for 12 weeks)
rev= 47.69, mid= 44.96

WTI Crude Oil -no change (trading below mid)
trend=up
rev= 73.89; mid= 78.32

Powershares USD Bull (UUP) -no change
trend=up
rev=22.32; mid=22.70


Goldman Sachs -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 183.18; mid= 168.65




TLT -no change
trend=no; direction=down (2 bars)
rev= 99.01; mid= 94.15


Apple Computer -new low WEEKLY REVERSAL
trend=no; direction=down (1 bar)
rev= 211.98; mid= 204.87





Sugar #11 -new high
trend=up
rev= 27.08; mid= 27.93

3LB & EWT

Using a WTI monthly chart as an example can different break counts help identify Elliot Waves?

By drawing trend lines between the high and low prices for each break will they show the different wave counts? I'm using 2,5,8 and 13 line breaks in this example.

Any suggestions?