Value of Perfect Information

What can we say…sometimes the markets move in mysterious ways. But today there was no mystery other than the lame excuse the media put out for the drop in the markets. Something about Dubai and delaying of payments to the banks. Big whup. No, the markets moved down because it was time to thin out the weak holders and break a few stops.
As my chart shows, we could very well be at the base level to make the final move up. Todays low reached the 50% Fibonacci level exactly, then edged up to fill part of the gap.
I’m waiting to go long QQQQ or QLD when the 61.8% Fibonacci level is touched.
I feel wave E has a little more to go down before the final thrust out of this expanding triangle occurs. I’m in no hurry. If we break straight up from here instead of a retest then I’ll hop on as it breaks a new high.
Good luck trading,
Mark

Content on CEO Trader is opinion only, please trade at your own risk.

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Labels: Elliott wave, Fibonacci, technical analysis, daily, stocks, ETF, chart, indicators, Nasdaq, triangle, qqqq, qld

Categories: Charts , Commentary , Data-Based Indicators , Elliott Wave , Markets