Relatório Gerado pelo Metastock - MMXM3 (Diário)

AlphOmega Commentary for
MMX MINER   ON          on   22/10/2010

Open 13,65, Low 13,35, High 13,80, Close 13,53 Change -0,11

Please note that all wave counts are based on the high low price in this commentary!

Caution! Wave 3 of moderate (13%) amplitude may become the smallest wave in this impulse pattern. If price moves in the direction of the trend beyond 15,37 then we must consider that this impulse pattern is flawed. Elliott considers that a wave 3 may never be the smallest between waves 1,3 and 5. A possibility is that wave 3 is still ongoing and when completed, will follow a correction that will bring the final wave 5. Expect the trend to be maintained.    An Inside Day Narrow Range was detected by your AlphOmega Elliott Waves HV v1.1 on 22/10/2010. This is usually a trade set-up opportunity and for example as the trend is bullish, place a buy-stop at one tick above 13,90 and a sell-stop at one tick below 13,35.

The present wave patterns are:

fast amplitude (8%): bullish wave 1

moderate amplitude (13%): bullish wave 3

normal amplitude (21%): bullish wave 1

slow amplitude (34%): is undefined!

MMX MINER   ON          is long term Bullish as the 144 days moving average of 12,14 is increasing. The Relative Strength Index is at 56,17 in the neutral territory. The Relative Momentum Index is at 71,89 in the overbought territory. An important indicator for Elliott waves, the Elliott oscillator is at 0,37, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 73,12. This value is in the overbought territory.

AlphOmega Elliott Waves HV v1.1 has detected an Isolated Low at 13,15 one bar ago ; this is usually a bullish sign that is not to be used alone!

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 13,47 while the second resistance level at  13,73. The first weekly support level is at 12,73 while the second support level is at 12,25.

Additional information not directly related to Elliott's methodology

Tomorrow's projected High: 13,66, the projected Low:13,21. The top 21-day Bollinger band is at: 13,79 while the bottom 21-day Bollinger band is at: 12,59.