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Next week is critical for the bears to show up now
that the Bradley and August OE are behind us.IF the market has not declined by EOM then my
plan is to hold my short positions and take
time off until the market turns lower.My bull/bear line in the sand is Ftse 6000
So far this year I have only ever used 50% of
my trading pot and that will continue until
we get a clear sign of a turn lower.My plan for 2020 into 2021 is to short trade
the Gann ‘low stock price’ year of 2021Never give up, never surrender.
DOW: given what is happening in SPX and NDX, I’m returning to my Dow chart that has a possible abc pattern upwards to exactly 28,200.
DXY: the target for wave C is/was 91. We had a couple of sharp reversals last week indicative of a bottom, but it didn’t reach the target.
After last weeks action it’s still possible to interpret the pattern as part of a 4th wave thing, or a descending wedge for the 5th wave pointing down to that 91 target.
Of course it might have bottomed at 92.
This week sometime Jay Powell is speaking at Jackson Hole and *might* indicate some gentle reversal of the excessive liquidity virus ramp. Perhaps that event will give final clarity to the chart.
EURUSD: the C=A target remains 1.199. It got to 1.197 then reversed sharply.
Given the DXY pattern, EURUSD might make another attempt at 1.199 or the top might already have been reached.
This week might provide some clarity.
DAX: I mentioned recently that the DAX *might* have peaked in completing a clean ABC rally from the virus low.
It reacted down from that area, which might have been just a small ‘wave a’. Now perhaps forming wave b…
A reality check is coming re covid19 around the world.
Just in my circle which includes young and old, rich and poor,
there is no rush to spend. Caution and a sense that there is
worse to come, sums up the feelings.Huge debt of all kinds will hinder any real world recovery.
We all know it, at some point stock markets will reflect it.
I still hope for a normal Christmas but I am a minority.
Never give up, never surrender.
Dow is Cycle Day 1 … ‘find a low to buy’
Interesting that Dow futures have been cranked up above 28000
Never give up, never surrender.
There are targets at DOW 28,200 and SPX 3,440. Futures strong.
Lets see if we get the targets hit and a reversal.
Above those target numbers I don’t have a plan… yet…
There are targets at DOW 28,200 and SPX 3,440. Futures strong.
Lets see if we get the targets hit and a reversal.
Above those target numbers I don’t have a plan… yet…
That could make sense as the market would want to screw
shorters before turning lower.US futures rise is backed by other cash markets.
Never give up, never surrender.
My work indicates this is the most bullish day this week.
Also the Dow is not likely to close at the hod or even
print the hod in the last hour.I don’t care about the hod timing but if we don’t get
a cit today then I am at a loss.Never give up, never surrender.
IF we touch Dow 28200 ( cash ) then I will close all trades and short that price.
Never give up, never surrender.
Small short Dow at 28228 … stop 30300 … limit 21250
As per posted plan, this is now my only trade.
Never give up, never surrender.
TSLA: I had a possible price target at 2100. It got there today and has reversed.
*If* 2100 was valid and important, then TSLA can drop significantly by 700 points or so.
It might not happen, but worth watching for. It might also knock some confidence out of the robinhood traders.
Last hour hod for Dow but not Spx or Nas
Looks like Spx will.
Never give up, never surrender.
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