Monday, February 09, 2009

It's the same old song

Here is a 60 minute chart of the SPX:


(1) Triangle-Wedge from the November lows still containing prices;

(2) Wave count still suggesting a Wave 5 down to new lows is pending;

(3) FBS oscillator has turned down from way overbought, just ready to move below signal line.

Tuesday is a big news day and while news may trump EW pattern momentarily, ultimately EW will re-assert itself and direct prices wherever pattern demands prices go.

NNVC- update

Big news from NNVC today:

NanoViricides, Inc. Update on Eye Drug Development
Monday February 9, 7:00 am ET

WEST HAVEN, Conn.--(BUSINESS WIRE)--NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company"), reported today that on-going negotiations with a large pharmaceutical company have now progressed to an advanced stage. The pharmaceutical company initially plans to evaluate NanoViricides’s drug candidate for effectiveness against external ophthalmic diseases caused by two different virus types, namely herpes simplex virus (HSV) and adenovirus. These evaluations will be performed by an independent research institute that specializes in diseases of the eye.

In addition to a Market Club Trade Triangle BUY on the Daily Chart, my EW chart above is suggesting an initial move to $0.95-1.00 based on today's rally.



vt said...

Guess what? This triangle is resolved by a breakout to the upside! New lows are coming, but not before a struggling move to 9,000 to 1,0000 plus. After that upside I fear 500 or less is possible by 2010 or 2011. Slim possibility we hold 7,500, at the expense of a 4 to 6 year bear.

mlomker said...

"not before a struggling move to 9,000 to 1,0000 plus"

I'll probably remain short. See you when you get back.

Tapan said...

Hi Allan,
How do you know when wave 5 from end. Based on your elliot wave charts I am trying to understand the system. Why wasnt market down at 01/30 and 02/04 the end of wave 5?


David said...

I notice that the Nasdaq is on a weekly triangle buy and the S&P came within a couple of points of a weekly buy signal today. Only the weaker Dow remains on a sell. All are on daily buy signals. This system is so simple I get tempted to blow it off, but I know I shouldn't let it's simplicity lull me into ignoring it. So I remain on the sidelines (for now...)

Re: NNVC... weekly buy if we clear 0.82 tomorrow. Am I right in thinking that a break above 0.90 would be very big? In addition to bringing the stock to it's highest level since Sept would it not also leave a lot of open airspace ahead of us before we encounter any serious resistance or overhead supply? I see the 1.30-1.40 level as last significant resistance. Prices stalled out there in Jul/Aug/Sep after coming off the June highs.

In an ACTC chart you posted last month your software suggested that wave 4 would end of 0.15 and prices have reversed off that level in recent days. Turns out to have been a great call. Is it always that reliable?

Dow futures down 80 tonight, though that could change by morning. Tomorrow should be interesting. Good luck everyone.

Allan said...

David: Regarding Triangles, as a single stand alone trading system, one of the best. You are right to respect its signals. By now you should realize I use a host of indicators, some which override the Triangles, they are that good.

NNVC: Yes, very bullish Daily Triangle today, along with great news, a powerful combination.

ACTC: Nothing is always right, but the analysis that went into that call is highly effective and I've been using it since 1995. How many other TA techniques last 14 years and keep on truckin'?

met61 said...

Allan,does the weekly MACD crossover work as well as the weekly triangles?
Thanks,Ron R.

Anonymous said...

If this NNVC info is so "great" why did it only last ONE day and add a miniscule 10 cents a share?

Looks like yet another over-hyped "dud" to me.

Anonymous said...

I don't see what is special in NNVC. It isn't in an uptrend or is it near support (50 cents). Unless you have some information on the company, it is not a chart I would look at and say, wow such and such technical method says it is a buy.


Anonymous said...

So those of you who are 'playing the channels'; technically you will be going long before the close, right. I doubled up on the short side, lets see what gives.....