End of Emini Trend and Hilbert Sine Wave
The Emini closed up 9.75 points at 1,401.75 on Wednesday. The Trading Index (TRIN) bullish divergence discussed yesterday worked out. The Emini found resistance around the 1,380 level and eventually closed up on high volume.
Read the original Trading Index article here.
The chart above shows John Ehler's Hilbert Sine Wave on 135 minute bars. The Emini has now made a "Complete" pattern. This signals the end of the trend move and the beginning of a cyclical trading phase. Note the Sine Wave nailed the low.
The trend move started with a breakout, labeled "No Pattern BO" and circled. Then there is a strong trend move - Elliott Wave 3. Next a pullback in trend, labeled "FirstPB" and circled - Elliott Wave 4. Finally an exhaustion move or Elliott Wave 5, labeled "Complete" today.
Read the original Hilbert sine wave article here. Like this article? Sign up for Free Email Updates or subscribe to the RSS Feed.
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