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DOW: I have a possible short term top with minor correction in the 28189 area followed by a more important target at 28289.
If it gets to the 28,289 area I shall be looking for a correction back down to around 27,658.
I shall look to go short as near as possible to 28,289.
On the Dow daily there is still divergence in the RSI and MACD. For this divergence to be maintained the Dow must peak and crack downwards.
If you have any kimchi left you might try frying it. Fried kinchi is very popular in the barbeque restaurants here. Sometimes for breakfast we do a ‘kimchi fry-up’ – couple of eggs and some bacon in a big frypan with kimchi all fried together.
Thanksgiving today – market closed.
I believe tomorrow Friday might be half day trading.
For STD I believe Friday is ‘day 4’ so we’ll have 3, 4 Monday Tuesday.
I don’t have any position except small long GBPUSD which I might close in a moment for reasonable profit.
DOW: for the Dow the only count I have at the moment is an extended five waves to a target area of 28,759.
In order to get there a series of 4th and 5th waves are required, with corrections deep enough to maintain divergence in the RSI and particularly the MACD.
Scrappy chart shows the rough pattern. Of course much more time might be required, particularly if the market wants ‘long and flat’ 4th waves such as triangles.
This is a best guess idea.
The market has been rampant and difficult to judge. My next target is 28,289 or so, but as we know with markets like this the target can fall short.
If this chart idea is correct – *IF* – then after 28759 the Dow should fall to overlap wave ‘A’ at 26,650.
Small Short Dow at 28125 … stop tba … limit tba ( x 2 )
I am sure Dow cash will go higher when it opens on friday
but I am content to take a position now via futures.Next week looks grim for Dow cash and I think this trade
will be in profit by wednesday 4th DecemberNever give up, never surrender.
For Dow I see the possibility of a small drop to around 28050 as a 4th wave before popping higher towards the target area of 28,289. Coincidentally (or not) 28,050 is where the futures printed last night.
You were very correct in suggesting a strong week cimac, so I’ll be following your prediction for next week with interest.
If the RSI and MACD divergence is to be maintained, Dow needs a sharp drop soon.
Nov 30 is the next Bradley date, expected to be a high. Not that this means much – the last two Bradleys were wrong, so take with a pinch of salt. Ray Merriman has Dec 2 as possibly important.
Small Short Dow at 28125 … stop tba … limit tba ( x 2 )
Closed at 28067
Taking a profit can never be wrong
but I do hope for higher prices
later, for a reentry.Never give up, never surrender.
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