Weekly_Daily

Weekly with faster time frame Daily charts.  Weekly still showing bullish trend in a corrective process.  Most are showing 2c criteria, where we can anticipate 2d criteria followed by a re-test of previous supply levels.  In which case we look for 3a or 3d criteria on the daily chart (which could take some time).

SPY - Broad channel on the daily.  Weekly looks to be going into 2c territory.

QQQ - weekly in the 2c-2d criteria. Daily looking like a bullish wolfe wave with big volume in the "sweet spot".  Red line would be the projected target of the wolfe wave.  Important concept taking place on the daily charts; very symmetrical "wave" cycles.

IWM - Those $85-$86's are a BIG (all-time high) resistance area.  It makes sense to fade off of them if it starts to form a base.  The daily is within a simple channel and showing a buy divergence.

DIA - weekly coming in to a support level.  The daily has a broadening wedge pattern going for it.

fwiw

Potential Wolfe Wave setup in the SPY.
If you recall; Point 2 (which you can only find after points 1 & 3 have already been formed) does not have to be a long term trend reversal, only a significant swing high or low.
Point 5 marks the trigger "sweet spot" for a short where strong volume would be preferable.
While the red line projects the target.

IWM wolfe wave

Just an observation for the potential bullish wolfe wave in IWM

the Obvious

SPY broke down from an ascending wedgeThere's a clear range of where the buyers and sellers are lined up
and there's a clear consolidation pattern developing that can resolve quickly (and should resolve quickly and with volatility, as one side will have to cover).A slightly bigger picture shows the "Death Cross" setup. When a moving average cross happens, typically the first trade in the direction of the crossover is to fade the price pullback. In this case, the 50-MA crossed under the 200-day, price pulled back to the 200-MA then continued to sell-off. It's sketchy down below from here because of the double-bottom potential.Then, on the weekly, there's this Bullish Wolfe Wave setup taking shape...

updated charts

TLT Wolfe Wave target finally reached
TLT updated from {here}
USO updated from {here}
SPY updated from this morning {here}Shows a similar break-down structure as the USO chartSPY weekly chart (action/reaction lines), updated from {here}

bull wolfe wave

Potential SPY bullish Wolfe Wave setting up on the daily chart. Looking for decent volume.

What also didn't work

Following up on this post HERE
I still contend that the bullish wolfe wave is intact, but anything can happen at this point.
The current lows have a buy divergence going for it on the daily chart. Being that this could be perceived as a double bottom it could contain a tradeable bounce. Should the bottom give way, this weekly chart shows $35 as a reasonable target for support in the weeks ahead.

TLT update

Bullish Wolfe Wave updated from {here}The upper median line happens to lie just below the wolfe wave target line

GLD wolfe wave

Bearish Wolfe Wave setup in GLD going forward. Volume, so far, is lacking.

RIMM wolfe wave

Bullish wolfe wave in RIMM that has a couple of things going for it;
- Strong Volume
- a gaped-down hammer candle
- a higher low than the previous swing lowSeen in a clearer light, price is at the bottom of a small downward-sloping channel, where we can plainly see symmetrical cycles of similar length (Regular Cycle 9-bars, Inverted Cycle 7-bars, and most recently an Inverted Cycle which is, so far, 8-bars in length).
Further illustratedThe price target for the next Inverted Cycle (should price not take out the current low) would be the top of this current channel, around $54. While the Wolfe Wave target is up towards the gap fill area ($57ish).

SPY Wolfe Wave done

Bullish Wolfe Wave failed at resistance

Updated chart of the SPY bullish Wolfe wave that was last posted {here}Things are getting awfully stretched, which could bode well for the target (red) line being met (+/1 $115-116). Things to watch for imho would be an exhaustion move with large volume before retracing.

SPY midpoint

The SPY is exactly half way between the April 2010 highs (give or take a few pennies) and the June 2010 lows (+/- a few pennies), and 0.72% down on the year so far. Amazing that it has taken 45-days from high to low and only 16-days from low to midpoint. While it took 10-days from midpoint to lows.
Possible bearish scenario is the overhead 200-SMA with a bearish Wolfe Wave setting up

updated chart

Updated SPY chart from {here}
Amazing how after three pushes to a bottom price touched the pitchfork mid-line on the nose and made a Beeline for the Upper Median Line.

and the bullish Wolfe Wave is still in play!

SPY breakdown

{Updated} Shake-out fake-out

Overhead $104.5 area found resistance today. Legitimate breakdown or a shakeout?Bullish Wolfe Wave pattern??

GLD wolfe wave

In a sign of strength the GLD bearish wolfe wave seems to have turned around and may break out into the longer term wolfe wave sweet spot. Still very much in play and volume should be the tell.

GLD Wolfe Wave

A bearish Wolfe Wave setting up in GLD?? For those who have a hatrEd for obscure patterns of price, a wolfe wave is just a way of highlighting narrowing wedges (3-pushes to a top/bottom), so just stop your hating! These types of narrowing wedges play out in an exhaustion move (bear/bull trap at Wave 5) before moving in the direction of the target (1-4 line).
Most recently we have this setup unfolding
Within the "sweet spot" (#5 point) it would be preferable to see strong volume come in to confirm a bearish suspicion.
On a broader scale however, there is this bearish Wolfe Wave in GLD:
The "sweet spot" terminates above the $130 level, and volume (like that seen around our #3 point in December) would be a guiding factor. In this instance, the target would come in around the $105 mark (which happens to be previous resistance-turned-support).
Of note: the former bearish wolfe wave can come to complete it's target and the latter bearish wolfe wave would still be in play!

{Updated}

USO wedge

First a look at USO back to 2009. The $31-$32 level just highlights the major pivot zone that band has represented. The angled lines are multi-pivot parallels (equi-distant from one another) based off of the price behavior throughout 2009 and projected forward. Recently price bounced within that long-running support pivot (between $31-32) and made a run up to previous support (support-turned-resistance?) on waning volume.
The current wedge also happens to be a bearish wolfe wave (looking for volume to activate the "sweet spot").

Wolfe target

The bearish wolfe wave target for the DIA was achieved today. The gap created on Wednesday held as support.

nothin goin on

Not much to say...the only observation I have at the moment is a potential bearish Wolfe Wave in the intra-day DIA:The large volume surge into the #5-point "sweet spot" fits the MO...whatever. The target would only put it to a gap fill left from Tuesday's gap up.

DE wolfe

A Wolfe Wave in DE today lends an example for not putting too much trust in your EPA line (Estimated Price at arrival) when volatility doesn't look as though it will cooperate with what seems like an extreme price projection. When the EPA line is too steep, but the technical pattern is working in your favor, I would prefer to look for other technical levels to shoot for, while watching for signs of failure or exhaustion.