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DOW: futures here in the Far East have fallen to touch roughly the lower price target shown on my Friday chart. I am not tempted to take a position because I suspect the cash market will want to do the same. I’ll wait. I really want to see a reaction in cash from that area. Also the Kospi action today will tell its own story.
In a note on ZeroHedge the Nomura team have pointed out that CTAs, Dealers and Hedge Funds have breakeven longs in the 2923 spx area. That’s just about where I see the potential triangle ending. Quite possible the dealers will find an excuse to take the market up to that area so they can exit their long positions and switch to short. No guarantee of course but worth watching for.
Looks like Dow cash will thrash around in
the 25000 to 26000 range this week but it
is outside that range where we are to
get our answers to ‘B’ & ‘C’I am tempted to wait before trading.
Never give up, never surrender.
Kospi got smacked today as expected. However the market ended in ‘no-man’s land’ between two potential target areas. I had 1925 or 1902 as possibilities. Of course being a triangle (probably) individual waves can do their own thing, but still I find it strange that the market stopped where it did. It looks unfinished.
The US markets also look unfinished (to my eye).
Of course anything can happen, but I wonder if we will have some weakness in the US late in the day that will help kospi down to the lower level.
Dow 25367 and spx 2828 look like contenders.
I don’t have any positions and I’m happy to stand aside and watch for a high probability entry point.
You may get that Dow cash price hatman late today
or early tuesday.Atm spill up to complete S4H sunday and then a
downish day for S1L ( best guess ).Never give up, never surrender.
Small short Dow at 25800
Closed at 25750
Take the little profit.
Never give up, never surrender.
Dow S1 and it’s not giving much away.
A good move before the close would be of some
use in determining the lean.Until then we wait.
Never give up, never surrender.
After an 80 point range in futures..this was not the rth i was expecting.perhaps the fireworks wait for tomorrow lol
Korea KOSPI: Kospi appears to be trying to rise in wave ‘c’ of its sideways triangle. If the triangle is correct, this up and down action can continue for another couple of weeks.
Korea KOSPI: and in the bigger picture this chart shows how the triangle is wave (iv) of wave iii of 3. In other words there is a lot more downside (target 1620) but lots of 4’s and 5’s on the way. This decline likely won’t end for several months.
Korea KOSPI: on this chart I’m showing how I think the five wave decline for ‘C’ will pan out. I think it will take several weeks/months and likely not end until April next year. Notice the overlapping 3’s, 4’s and 5’s. This is the shape I think the US markets will also take.
Dow S2L with normal am ‘l’ pm ‘h’ overall a rally day.
The abnormal is a drop and drop.
Never give up, never surrender.
To me the question is can the Dow consolidate and
then have another lurch higher towards 26400 on
or near this friday.I am up this week and trying to get a 4th week
of profits in a row.Guarding profits and the uncertain market is
likely to keep me just watching.Even though this is a hobby now I still do
need a good reason to risk money.Never give up, never surrender.
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