Charting the Markets with IG TV: Client Adrian Rye on Elliott Wave Theory

IG TV host Jeremy Naylor this week invited in one of their clients, Adrian Rye, an independent technical analyst. Trained as a commercial financial analyst, he comes across well: honest, believable and clear.

Better and better: his charts are superb. If I’ve read the fine-print correctly, they are from IT-Finance.com, but the stand-out is his superb labelling of waves and intermediate ones, interspersed with event points and classic chart patterns. He starts off with a chart of the S&P 500 from 1982 through to today. He points out that he uses Elliott Wave counts as a roadmap and says, ‘’it isn’t really mathematical, it’s intuitive’’. He believes we may have reached, or are close to, a high 5 of a bigger 5, and that a drop to the 50 or 61.8 retracement support levels is possible.

Reminding that ‘’the hard part is at the beginning of a move’’, he switches to a chart of silver. Major support at the Fibonacci 76.4 and 78.6 per cent retracement levels has held for months, heralding the start of a new trend to higher prices. A pity he says his target could be 2000; he should have said $20 per ounce.

He then moves on to gold, suggesting all and sundry are looking at precious metals at the moment; always a slightly worrying sign, especially for contrarian like me. He sees that a very long term inverted head & shoulders base has formed, and that its neckline was broken this summer. A pullback to this line – about $1350 – is likely and would be a good buying opportunity – prior to new higher highs. Wishful thinking, perhaps?

Click here to view.

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The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA.

The STA makes no representations as to the accuracy, completeness, or reliability of any information on the blog or found by following any link on blog, and none of the STA, STA Administrative Services or any current or past executive board members are liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.

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About Nicole Elliott

Nicole Elliott

A graduate of the London School of Economics and Political Science (BSc Social Psychology) Nicole Elliott has worked in banks in the City of London for the last 30 years. Whether in sales, trading or forecasting technical analysis has always been the bedrock of her thinking. Key expertise lies within all areas of treasury: foreign exchange, money markets, fixed income and commodities.

She has also added to the body of knowledge of the industry writing the first western book on Ichimoku Cloud Charts. Strong media links and a cult following are due to her prescient calls on the markets and often entertaining format.

Nicole can be contacted at trending@sta-uk.org

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