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Small long Dow at 28000 … stop 27000 … limit 29000
I love the symmetry of this trade
Never give up, never surrender.
Well it’s clear that the ‘falling wedge pointing upwards’ has been negated, and the patterns on all indices have changed.
There is a minor DOW target around 27,700. Below that the ‘leading diagonal’ idea comes into play and this could be ‘wave 3’…
Small long Dow at 28000 … stop 27000 … limit 29000
I love the symmetry of this trade
IF this trade is not in profit by monday’s US close then I have
been taught a lesson.Never give up, never surrender.
I have taken an offer to work on my delta ( STD ) extensions
combined with my bull/bear project.This requires a lot of work best done away from other noise.
I hope to be back on kpad in January 2021 with new ideas
Good luck kpaders … may you prosper
Never give up, never surrender.
DOW: having looked at the various options I have eliminated them all apart from the ‘leading diagonal’ which I showed on this chart…
If so, the leading diagonal was ‘wave 1 of C’ then the bounce Thursday/Friday was ‘wave 2 of C’. Now in ‘wave 3 of C’ and the price action yesterday is certainly indicative of a third wave.
SPX: the alternative view (which I have only just realised) is that the falling wedge was ‘wave A’ and the sudden drop yesterday was ‘wave C’ where C=0.618.
A valid interpretation, and if so SPX will rally for the overlap of ‘A’.
DOW: and for the DOW one can suggest that the sharp drop was also ‘wave C’ where C=A. Again, if this is correct, the DOW will rally to overlap ‘A’ just above 28,000.
Interesting how the ‘tone’ of this market appears to have changed. Today MSFT released numbers that smashed all expectations and yet the response in the stock has been muted to negative. Perhaps better to travel…
I have today (Wednesday Oct 28) as STD 2.
Yesterday Tuesday STD 1 was neutral to negative, and that might imply a negative trend into Friday.
The three main indices, DOW, SPX, NYA all stopped where a ‘three down’ ABC would qualify. Interesting. However they are at the limit and any trades lower will negate the ABC and leave only the ‘five down’ as a target.
If so, DOW might try for around 26,963 where 3=1.618.
It’s a knife-edge situation.
I don’t have a position and I’m content to wait.
Good luck Chris, wish you all the very best in your venture.
Thank you David. I have personally struck to my 3100 target despite the frustrating rallies. I think for now certainly back to 3200 should be a minimum target but realistically 3100 is achievable.
Thursday we got the FAANGS reporting and then the US elections get even closer.
They have definitely accustomed people to buy the dips but moreover because of that it is very hard to run shorts to a target and inevitably close them too early.
I have been guilty of that with DAX shorts on this leg down.
Plan your trade, trade your plan!
Thanks ‘K’
Next week my girlfriend and I get our delivery of Kimchi and spam.
We now need to decide what to drink with it 🙂
Never give up, never surrender.
What a **** week this has been for me.
Rivals the worst week of 2008
Failed agreements and contracts once again.
The good news is I am free !!!!!!
Never give up, never surrender.
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