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On our daily update menu you will read our free daily analysis. Feel free to check out our new premium services.

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Alexandros

Happy Holidays!!!

Warm wishes for happy holidays to all and merry Christmas.

Will be waiting for you at my new website

www.trading2day.com

Introducing WWW.TRADING2DAY.COM

Dear followers and visitors,

I'm very happy to announce the beginning of my new website.

 From now on you will find my analysis at the web address below:

WWW.TRADING2DAY.COM

My 'profitablerisktaking' blog is moving on the next level, in order to continue to provide free high quality analysis and help on day to day trading issues and opportunities. Increased demand for a service to help traders and provide more detailed analysis with premium content available only to members, has made me confident that offering my premium services will be profitable for both parties.

Feel free to visit my new website at www.trading2day.com and share any comments regarding our new look or share your opinion regarding the markets via e-mail. Some features may not be fully functional (comments, premium services) but the free analysis is there as always.....

Thank you for your continuous support,

Alex

Greek General Index still inside 5th upward wave

The Greek General Index is moving upwards according to our wave count so far. The banking sector has proven a drag to the entire market but the General Index continues higher after having found support at the upward sloping yellow channel line. There is however a drawback in this specific wave count. The recent rise in prices from wave C at 758 is not a clear impulsive wave. This overlapping pattern may unfold into an impulsive wave, but until then bulls will have to be extra cautious. The sequence of higher highs and higher lows should also play an important role in an investors trading strategy. As mentioned earlier, the banking sector has proven to be a very heavy burden to this index. All in all, investors should keep in mind that after 5 waves up, a correction is imminent. Trading when the market is in wave 5 should be accompanied with strict stop loss orders in order to avoid unwanted 5th wave failures (inability to make new high). In our case however, if the 5th wave does not make a new high above 910,99, then our longer term view of a trend change in Greece will be at stake.

As always, thank you for taking the time to catch up with my thinking.

Short term bullish trend intact despite yesterday's correction

Although prices opened higher yesterday, the rest of the session was not as bullish as many have expected. SPX as shown in the chart at the left, still trades within the upward sloping trend channel. Prices topped and reversed exactly at the boundaries of the upper channel and may now be heading towards the lower boundaries. The form of the rise, unfortunately for bulls, is not a clear impulsive move. The unfolding waves have an overlapping form but with higher highs and higher lows. The picture is clearer in DJIA.

DJIA has made a new high as expected by our previous analysis in order for the 5 wave form from 12765 to be complete. If trend is bullish and our count correct, then another larger degree 4th wave is expected as shown in the chart on the right jand side. Bulls should start to worry if the dotted trend line is broken downwards and if wave i is overlapped. Having long positions is riskier at this level that a few weeks ago when we first changed to bull again. The sharp decline in metals could be an initial sign that shares could be next.

As always, thank you for taking the time to read my post.