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Cheers hatman
Your Dow flight path looks to be on course.
Are you retired now ?
Never give up, never surrender.
Good Morning Cimac Hatman et al
Mega Crooksday Fryyday with Broomsticks flying Triple withching ALSO Equinox SUMMER SOLSTICE
Good Luck to us all
rgds
Zarif
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
Dow tags 26900
Will we get the classic under and over which happens
around the big eyes round numbers.Never give up, never surrender.
Dow Nas sp500 have all reacted in unison which
should happen but of late does not, imho.We watch and learn.
Never give up, never surrender.
DXY: the Dollar Index finally broke down through the 200 MA and the critical rising trendline. Should fall further into the target box. Might happen quite quickly, or take weeks/months. At some point it should rise to test the 200MA/trendline from below to ‘check the trapdoor is closed’.
EURUSD: as might be expected with the DXY downwards break, EURUSD has also broken upwards from its own descending wedge.
I have EURUSD as a completed five wave decline followed by an expanded flat. In this flat we’ve just completed wave ‘b’ which was 1.382 * ‘a’. If so, EURUSD should now rise in wave ‘c’ of that flat into a target area of 1.16 – 1.19.
DOW: the Dow popped up into the middle of the target zone and then reversed. Quite likely that this marks the top of wave iii (of five). If so, the Dow should now decline into the 0.618 area around 26430/26520. It might/should fiddle around for a couple of weeks forming this 4th wave before then gently rising into the 27500/27650 target top area.
The Dow waiting game continues and so my trade.
Atm the big picture remains and it is just the
intermediate action for which I follow hatman.Never give up, never surrender.
The EcB is restricted to holding no more than 30% of
a member countries debt. This is to prevent them
from taking control of the voting in situations
like restructuring of bonds etc.If the EcB were to decide to waive the voting rights
then they could hold much more of EU countries debt.If the EcB travel this route then I see it as one
of the last bricks in a very dodgy wall of debt.Never give up, never surrender.
Dow: no change to my earlier chart. Appears to be trying to form a 4th wave. Might trade sideways to down for a week or two aiming for the target box and allowing RSI and MACD to roll over.
DXY: the Dollar Index appears to have completed some sort of ABC decline and now appears to be faltering. Quite possible that it will try to backtest the broken 200MA and trendline from below. Might need a couple weeks to do so before the next downside move begins.
GBPEUR: the Pound continues to decline against the Euro although it is nearing my target area of 1.10/1.107 and divergence is appearing in the RSI and MACD.
If it does hit my target area, that will likely be only Wave 1 of a much larger five wave decline that targets parity 1:1 or even lower in the 0.96 area.
Too late to sell GBP at the moment, best to wait for the target area and a relief wave 2 rally perhaps back to around 1.13.
GBP looks very weak against most currencies.
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