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I have caught a few pts in my net and will now just
let those who, have to or want to, trade, carry on.I will be out wednesday but back in time for FMOC.
Never give up, never surrender.
Small short Dow at 27200 … stop 30000 … limit 20000 ( x 2 )
Just a small trade to guard against an unexpected drop.
Unless we get that drop, this is my initial FMOC trade,
with plenty of stop space, in case we rally to 28000.I will adjust stops on the fly.
Never give up, never surrender.
Turn a round tuesday for euroland with the Dax really
being sold off even as EcB has further QE on tap.Never give up, never surrender.
Bradley: looking at the Bradley and DOW there is a correlation in the recent dates. The Bradley high of July 24 coincided with a Dow high on July 23, and the Bradley low of July 30 has coincided with the Dow triple bottom test low yesterday.
The next Bradley date is August 8. Raymond Merriman has a key date of August 9-11.
This suggests that any market movement won’t be a simple spike high ‘pop and drop’ but will likely be sustained for a week or more (with ups and downs on the way). This idea also matches the SPX likely rising wedge pattern.
Of course this might all be complete nonsense. But just in case I think I’d be wary of taking too large a short position in the next day or two.
For SPX I am watching my key target numbers of 3032 and 3060. If it pops up above 3032 it will likely try for 3060.
For the Dow the area around 27500 looks key, but 27740 or thereabouts is also important.
GBPEUR: the Pound is approaching the first wave big target in the 1.085/1.087 area. Interesting that this coincides with the FOMC meeting.
If my analysis is correct the Pound will find a reason to rally from the target area.
Calculating backwards from the big target at 0.95, the 0.236 logical wave 2 point is at 1.125/1.127 which also coincides with a retrace to W iv of the first big wave down.
Any rally needs time and might last a couple months, perhaps all the way to BREXIT and through the ECB meeting in September where they are widely expected to cut rates and/or introduce some new QE madness.
Clearly if the Pound falls through the projected wave 5 (1) target of 1.085/1.087 shown on the chart then something else is going on.
SPX is still within the rising wedge structure with upper targets at 3032 and 3060. More time may be needed for this pattern to complete.
There’s a key support line lower down which the market will probably want to test eventually.
Small short Dow at 27200 … stop 30000 … limit 20000 ( x 2 )
Closed at 27200 for b/e.
I think we go low into high for FMOC.
Never give up, never surrender.
Small short Dow at 27215 … stop 30000 … limit 20000 ( x 2 )
Just a bit better short entry … to cover a -ve close.
Never give up, never surrender.
Small short Dow at 27215 … stop 30000 … limit 20000 ( x 2 )
Just a bit better short entry … to cover a -ve close.
Closed at 27155
Never give up, never surrender.
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