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Small short Dow at 29250 … stop 29800 … limit 28150 ( x 2 )
After much work / trading this is my final attempt for this move.
Never give up, never surrender.
My bull / bear indicator has only been wrong twice
but there you go.Dow futures 29500
Never give up, never surrender.
GBPUSD: the Pound is trying to break below what appears to be a topping pattern. However there’s lots of support activity around $1.29 so it might pause and rethink in this area. If this topping pattern gives way, there’s little to stop the Pound falling to the $1.25/6 area.
Notice that the RSI and MACD are negative, suggesting (at the moment) that it is only a matter of time before the Pound drops again.
SPX: for spx I see two different options – a three and a five. For both the target area is 3352/8, a little higher than current prices. The final action over the last day or two *might* be forming a rising wedge ie. a slowing down of momentum with slightly higher prices. If it peaks in the 3352/8 area I can see why it might drop to try 3300 or even 3290.
SPX: I’m still focussing on my ‘rising wedge to 3456/3556’ as my main count. If so, then we got a ‘three up’. It’s possible (but not guaranteed) that because the market is so bullish at the moment, we might be trying to form an expanded flat wave ‘B’. If so, spx should rise in a ‘three’ to around 3,400 and then suffer a sharp decline. See chart.
This, of course, is a GUESS.
Looks about right to me hatman.
I expect to make a small profit from my Dow short
and then flip long.Never give up, never surrender.
Small short Dow at 29250 … stop 29800 … limit 28150 ( x 2 )
After much work / trading this is my final attempt for this move.
Closed at b/e
Never give up, never surrender.
What a joke … I think some of these ‘experts’ are either
stupid or in the pay of others !Never give up, never surrender.
I wonder if the market could fall into Feb 13th ( S4 ).
If all looks right it could be my long entry window.
Never give up, never surrender.
GBPUSD: the Pound continues to fall, although at the moment this appears to be more due to Dollar strength than Pound weakness.
The RSI and MACD are sporting negative patterns.
Also, the recent top bears a resemblance to the earlier top (see chart).
I don’t have a position except that as an expat most of my money is in overseas currencies. I am waiting (and looking) for an important low in the Pound at which point I’ll transfer most of my savings. It might need a while – perhaps a year or two.
SPX: having looked at all the options again, I’m staying with my original idea of a ‘rising wedge’ with the 3450/3550 area for this move.
I’m uncertain as to the shape of the rise, but a ‘three’ pattern is being confirmed by the MACD.
I don’t have any positions and I’m content to stand aside while I see what shape develops. I’ve seen a few respected commentators suggest that this ‘melt-up’ can continue into April based on Fed money moves etc, and that wouldn’t surprise me.
I’m keeping my funds cool while I wait for the right opportunity. If my chart prediction is correct, there will be an opportunity to go short for a retrace to overlap the 3,000 area. That will be worth waiting for.
Those two plans seem to have value.
I will long the Dow, at some point, for what
looks like a decent rally.As we move through spring and summer I intend
to trade less and plan more.Leaving me more time for outside pursuits.
Never give up, never surrender.
Odds are Dow S1L monday.
If we did get S1L S2H S3H S4L ‘normal’ with
a down bias that would lead into friday S1H
and a chance of a new rally.This current decline / retrace will tell a
good story but when it’s over I would
expect a strong rally.Next week is day by day … take care.
Never give up, never surrender.
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