Squawk / 15 August 2016 at 19:54 GMT
Looking through the charts following today's Swedish session there appears to be small range candle-stick body bonanza. The OMXS30.I (SWE30.I) managed to print another one today. VOLVb:xome, NDA:xome, SWED_A:xome, BOL:xome, INVEb:xome to name a few. The markets appear to bo coiling up for a larger move now...
15 August
DudetteUK DudetteUK
Good evening Johan. Are you still thinking a small correction before a larger move up please?
15 August
Johan Berntorp Johan Berntorp
I am thinking sentiment is a bit too bullish. "Everyone" appear so certain the markets have reversed. Markets are in this case defined as the OMXS30.I, EU50.I, GER30.I and I can't get my eyes off this large ABC structure off the February 11 lows. In each of those indices the 50 day is still below the 200 day. Not even in the DAX the 200 day has turned yet even though it might be doomed to do so. The risk is this is a typical C wave sucking everyone in...much alike the sentiment from last spring, but on a lesser scale...I turn bullish longer term following bullish following a nice deep pullback and a breakout. Or possibly if the markets start to dip a couple of % and then breakout. GDX, SIL for example I believe is different...Energy is looking interesting longer term in a way, but has yet to "confirm". Have my eyes on SDRL and CHK, LUPE:xome of course among others.
15 August
DudetteUK DudetteUK
Thanks for taking the time to answer. Yes, like you, I keep looking at that AB=CD completed for both ES and NQ as well as the 1.618 expansion on the NQ. This is too scary for me to buy.
15 August
Johan Berntorp Johan Berntorp
Agree, at this point this market doesn't look like it has much of an r/r for longs...
15 August
DudetteUK DudetteUK
Indeed. Less and less volume, could be blamed on August, but ai think that nobody is really enthousiastic at those levels, as the rally has been relentless since the Brexit night.
GL and have a good evening

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