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Advanced Technical Analysis - OSX



Note: the following analysis is formulated as an assimilation of Fibonacci, DeMark, Elliott Wave and other technical indicators. It is offered as education and not intended as advice in any way.

We're updating our OSX technical note from last week (11/4/04). As we said then: "In the short term, though we have not seen hourly Demark trend exhaustion indicators, we are seeing some hourly momentum divergences and a nearly complete Elliott wave correction (an ABC zigzag) that has nice overlapping peaks and troughs, indicative of a corrective pattern down from the 10/7 would be ideal if the OSX registered a new low beneath Monday's low at 113.77 to complete all the "parts" of the correction. The analysis then suggests a move higher on any decline below 113.77 for a possible move to new annual highs in the 135 area (possibly higher)" (not advice).

Yesterday's session did indeed produce a new low beneath 113.77 for the OSX and it has done so on larger hourly momentum divergences, on hourly Demarks that are ready to register (in today's session), and with a nearly complete "5" waves down from both the 10/27 peaks and the 11/5 peaks. These are the pieces of technical evidence we were looking for to suggest a short-term bullish trend (not advice). Should trade continue lower through 110, we would be forced to stand aside and re-examine the technical indicators.

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