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Tuesday, April 24, 2012

EEM emerging markets ETF

EEM came up in one of my scans as a short term buying opportunity.



Longer term, it looks like its bear market has already resumed.  The monthly chart shows a likely completed second wave of primary degree. 

Shorter term, it is likely taking a break, before completing a fifth wave of at least minute degree.  This move higher should ultimately turn into an impulse wave, though the 30min chart shows only a-b-c waves so far.  This could be a leading diagonal first wave, of ((c)).  Diagonals are really hard to confirm until they are mostly or entirely complete, at least in my opinion.   Therefore, I'm comfortable waiting to see more of this short term wave structure develop while I decide whether I want to play the upside.  It may simply be easier to wait for my target on the daily and play the downside from there.

Posted by Waverunner (FractalTrader) at 7:04 PM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))