ONDAS DE ELLIOT - ÍNDICE IBOVESPA (23/08/2011)

AlphOmega Commentary

for

IBOVESPA                on 23/08/2011

Open 52.439,00, Low 51.853,00, High 53.786,00, Close 53.786,00 Change 1.339,00

The present wave patterns are:

fast amplitude (8%): bullish wave 1

moderate amplitude (13%): is undefined!

normal amplitude (21%): is undefined!

slow amplitude (34%): is undefined!

IBOVESPA                is long term Bearish as the 144 days moving average of 62.101,31 is decreasing. The Relative Strength Index is at 43,17 in the neutral territory. The Relative Momentum Index is at 30,26 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -3.048,76, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 77,16. This value is in the overbought territory.

Weekly Pivot Point Resistance and Support

The first weekly resistance level is at 54.264,66 while the second resistance level at  56.082,33. The first weekly support level is at 51.437,66 while the second support level is at 50.428,33.

Tomorrow's projected High: 54.752,50, the projected Low:52.819,50. The top 21-day Bollinger band is at: 61.043,14 while the bottom 21-day Bollinger band is at: 48.835,83.