Monday, September 19, 2011

Hewlitt Packard to make new highs?

I focus on the currency market 99% of the time, but in preparation for CNBC's Million Dollar Portfolio Challenge (which began today), I examined the Elliott Wave Pattern all of the DJIA component stocks to see if any deviated from the DJIA's wave count. I only found 2 of the 30 components have significant bullish potential, Hewlitt-Packard and Wal-Mart.

 Of these, Hewlitt-Packard seems like a much better bet. With Wave 4 Green only 2 dollars above its invalidation point (the top of Wave 1 Green), the risk to reward is extremely high as HPQ should climb to new all time highs. Also note that Wave A Blue and Wave C Blue have a  C equals 1.618 times the length of  A relationship.

No comments:

Post a Comment