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Dow futures strong. If it stays like this it will open at a new ATH. Of course much can happen between now and the cash open.
I have bought this Dow low based on my new timing project.
Small long Dow at 28118
Any profit would be nice.
Never give up, never surrender.
I have bought this Dow low based on my new timing project.
Small long Dow at 28118
Any profit would be nice.
Closed at 28250
Never give up, never surrender.
DOW: here’s something rather disturbing – my original ‘extended fives up’ chart produced in November had 28289 as the potential top for wave (3).
On Friday the Dow peaked at 28290 – just one point difference.
Hmmm….
Looking at the minute by minute chart, it’s possible to interpret it as a large rising wedge up to the target.
Unfortunately that doesn’t fit with my expectation of around 27,600/50 for the 4th wave. However, at a stretch one could interpret a triangle (see chart) followed by a smaller rising wedge to the peak. I’m not convinced about this, but it’s interesting that the potential triangle apex is in that 27600/50 area. So it might be right.
All in all, these two potential rising wedge patterns culminating at the target area of 28,289 strongly suggest that a top of sorts has been reached. If so, the Dow should decline to around 27,658 which coincidentally or not is also exactly the apex of that triangle (and would indicate a return to the 4th wave).
SPX: if anything the SPX chart is more compelling than the Dow. SPX appears to have completed a very clean five wave upwards advance, including waves 1 and 4 at the Fib 38.2 and 61.8 respectively. The count is very clean indeed. That doesn’t mean it’s correct of course, but certainly gives a high probability.
In addition, at 3187 SPX will have completed an ABC with a triangle in the middle. It touched 3181 Friday, just 6 points away from that target.
It’s a very nice chart I think and certainly gives food for thought.
Those charts are compelling.
My seaweed says down next week.
I will short the Dow on monday.
Never give up, never surrender.
RUT: the Russell 2000, like other markets, is at or approaching a possible turning point.
On the chart there are three targets – 1660 (which I have as a possible w1 of 3), 1679 (which would be a C wave of 0.618), and a less likely 1686.
The range 1660 to 1679 would appear to be best. It very nearly touched the 1660 Friday, and that might be enough. Or, it might need a few more small wiggles.
I’ll guess that from somewhere around 1660/79 it will reverse and at least return to the previous 4th wave around 1580/1600 which is also a line of support.
RUT: be aware that the RUT is sporting an almost perfect Fibonacci sequence for a potential large five waves up. I’ve mentioned before that wave 1 stopped at the exact 38.2 from the target, and wave 2 stopped at 23.6. Such accuracy is rather disturbing.
Now it’s possible that RUT has entered wave 3 upwards and is now completing wave i of 3 somewhere in the 1660/80 area. If so, wave ii should drop back to the support around 1600.
At 1600 (if that transpires) the risk will be that RUT then enters wave iii of 3 which could see an explosive move upwards.
Naturally one cannot say with any certainty that this will happen. But for the moment all the indications are that this is a ‘perfect’ upwards five fib sequence.
If it drops to 1600 shorts should be extremely cautious.
Timing indicates a bullish monday
Seaweed indicates a bearish tuesday
With split indicators I will take care.
Ideal scenario for me is higher Dow then short it.
I had a good week and will not throw that away this week.
My project work is aimed at monday 6th january 2020
and that is more important to me than trading now.Never give up, never surrender.
NYSE: I decided to take a look at the NYSE Index (NYA) for a perhaps broader look at the market trend (NYSE contains 2,000 stocks from the largest downwards, whereas RUT is smaller companies.
Interestingly the ‘shape’ of NYSE is similar to RUT.
Again it’s possible to interpret this chart as an extremely bullish 1,2, now in the beginning of 3 upwards. If so, the obvious target for wave i of 3 is around 13,885 about 150 points higher than Friday. So, like other indices, it’s close.
Other systems suggest targets of 13,784 (already hit) and 13881. The three targets are all clustered within 100 points of each other.
If it hits the 13,885 the obvious target for a correction is the 38.2, around 13,220.
Hmmm… that 13,220 is very interesting…
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