I have RIG amongst others breaking to the upside also. Both E&P and oil service looks strong now.

RIG chart

I updated the chart and colored the line I'm referring to with pink color. You can see how price is attracted towards it again and again - but in three instances it's like it bounces of it's invisible "magnetic shield" or something. As the line is descending from above and not based on historical prices above - I struggle to find a plausible reason for it's apparent significance. 

Thanks Matt! Do you have any theory on what that horizontal line represents in a theory framework - or let's say just pragmatic thinking?

Hi Matt & Steve!

There's an interesting tilted horizontal line in the 15 min SPX chart that seems to be important to the price. Do you have any theories on what that might represent? I haven't noticed to many of those before. It starts at roughly 2768 in mid Feb, and is currently around 2745. 

The ABC wave count is hypothetical. Looks like a possible cup'n'handle since early Feb.

Chart

AA might have some decent upside now. The US Commerce Dept is talking about implementing 23.5% tariffs on aluminum imports from China, Russia, Venezuela and Vietnam.

While some got slammed in the recent volatility spike - others made a lot of money. Here's an article about some of them: https://www.bloomberg.com/news/articles/2018-02-09/vix-surge-hands-8-600-profit-to-a-tiny-hedge-fund-in-colorado

Wheat has performed very well since my previous post in January. It continues to look strong. I have a target around 500 for wheat futures.

Soft commodities in general look strong. 2018 might be a great year for soft commodities. And it's a great diversification from the stock market. 

Wheat futures could be building a higher low here, in the weekly/monthly time frame. Huge MACD divergence. Possible multi year rounding bottom or descending wedge.

Sugar futures powering up today. Might have finished a symmetrical triangle with 5 touches over the last 6 months.

Thanks for the heads up on bulk/BDI. Several stocks in that segment do look interesting now.

Brent has breached over the December 2016 highs today. WTI is lagging, but also bullish. XLE and other oil related equity appears to support a continued bullish view.

Thanks Stevie!

I'll send you a pm right away - appreciate it!

Those charts with comments are nice. I agree on the experience part. What do you consider to be good sources to read in order to learn more about the type of analysis you are performing here?

Hi stevieb294!

Your charts are interesting - but they would be even more so if you would care to comment more about your thoughts about what we are looking at. Then it would be easier for more of us to join in and analyze the same issues and comment.

Hi roger!

The price might develop as you suggest. But your EW count is definitely wrong. It's important to study the EW rules again and again and practice. 

Wave 3 can never be the shortest of the three impulse waves.

Link

Coffee might be bottoming this week for a swing trade. Potential right shoulder in an IHS building.

This was a pretty good call. Up over 3% in less than a day. That's pretty good in futures.

WTI could possibly be making a new IHS with a neckline around 46,50 in the 4h chart. 

I usually won't post ZH articles on this trading community - but this one is quite good from a quantitative standpoint about volatility and the market mechanics:  http://www.zerohedge.com/news/2017-07-11/derivatives-trading-legend-little-4-decline-one-day-could-start-critical-crash

There's a potential IHS in the WTI futures contract 60 min. Working on the right shoulder now. 

GC made a beautiful doji this week. Just below the downtrend from 2011. A weekly close above 1275'ish would be very bullish. Silver also looking interesting. It is possible that the geopolitical stuff in the Middle East could be a driver. Or continued USD weakness. Oil might also have bottomed in the daily/weekly timeframe - though we need proof there as well.