• 340 days Will The ECB Continue To Hike Rates?
  • 340 days Forbes: Aramco Remains Largest Company In The Middle East
  • 342 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 742 days Could Crypto Overtake Traditional Investment?
  • 747 days Americans Still Quitting Jobs At Record Pace
  • 749 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 752 days Is The Dollar Too Strong?
  • 752 days Big Tech Disappoints Investors on Earnings Calls
  • 753 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 755 days China Is Quietly Trying To Distance Itself From Russia
  • 755 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 759 days Crypto Investors Won Big In 2021
  • 759 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 760 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 762 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 763 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 766 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 767 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 767 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 769 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

  1. Home
  2. Markets
  3. Other

TMF: Bullish Setup

Entry Date (02/14/14); Long 49.95; Stop 49,25; Target 51

Reasons: Tactical short-term trade based upon the internal structure of the current bounce and the scenario of a pullback of the equity market.

TLT Brief Elliott Wave analysis:

The decline from the February 3 high, so far, has unfolded a 3-wave down leg (Corrective decline), therefore I am assuming that the advance from the December 31 low to the February 3 high can be the wave (A) of a potential Zig Zag up, hence the current pullback should be the wave (B).

On February 12 the Hammer candlestick followed by a gap up are suggesting a probable short-term pause within a larger corrective wave (B) pattern that could bottom in the area of the 50 dma (The MACD has a bearish cross favoring a larger wave (B) correction).

If a short-term bottom is in place the current countertrend rebound can reach the resistance zone located in the range 107.22-107.38 (The 200 dma should prevent further follow-through in a countertrend bounce).

TLT Daily Chart
Larger Image

In the 60 min chart below we can see that the internal structure of the rebound from the February 12 low is suggesting probable that at least a Zig Zag up is underway.

If 106.27 holds the equality extension target is located at 107.38 (Coinciding with the 200 dma).

TLT 60-Minute Chart
Larger Image

Last Friday I have opened a long position in TMF at 49.95 with a stop at 49.25 (Hopefully tomorrow I will raise it to 49.60).

If the upward Zig Zag pans out the equality extension target is located at 51.

TMF 60-Minute Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment