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The early fizz has gone from Dax & Ftse and has
left a kind of turn around tuesday look.All this has moved US futures up and down.
I guess we wait and see US cash and look for
a spill up or spill down for clues.Never give up, never surrender.
There are still three jokers in the trading pack this week.
US covid19 stimulus
EU summit / Brexit deal
October OENever give up, never surrender.
DOW CAUTION!
Yesterday we got a small pullback in the markets. It can just be a healthy small 4th wave on the way up the five wave track.
However, the DOW peaked at exactly a point where the entire upwards move from 26,540 can be interpreted as a large ‘three’.
The ‘three’ will be confirmed if the DOW doesn’t continue north but finds a reason to overlap 28,350.
A danger point for the bullish ‘fives up’ pattern.
CAUTION: I am also concerned about SPX. It exceeded the iii=1.618 target and stopped at a strange number. In fact the same C=0.618 as for the DOW would have given SPX 3,575 – it hit 3,550 which is quite near and might be a ‘failure’.
So again caution on the long side is warranted.
In addition to all that, the DXY had a strong day and *might* have completed the B wave (or the first part of a triangle).
EURUSD also saw a strong reversal.
EURKRW *might* have completed its five down.
These currency movements are a cause for caution in US equities.
Dax looks vulnerable to a reversal of this recent rally.
Cable has shown weakness or usd strength.
Trades atm look more like a bet 😉
Never give up, never surrender.
DOW: if this turns out to be a ‘three up’ then it’s likely the current B wave will become a triangle or flat. Notice the gap at 27,200.
Not a prediction, just an observation to be cautious as the ‘five up’ I’ve been working on *might* be a three if the market chooses to fall from this point.
SPX chart…
Perfect and in full agreement David.
US elections and stimulus mad mode the caveat sadly.
However I do remain optimistic that the call will be right, just the timing as always is wrong for me.
Plan your trade, trade your plan!
Dax & Ftse look like S4H but with different variants.
Let’s see where US major stocks are after 60 – 90mins
Never give up, never surrender.
DOW and SPX have completed abc down from the high. That makes ‘wave A’.
The late bounce overlapped and can be considered to be ‘B’ although I suspect it needs more time.
Now we’ll find out if the ‘five up’ remains valid, or if we’ve had a large ‘three’.
If a ‘three’ danger lurks and a sharp move lower is in store.
Undecided and watching.
The currencies suggest a three.
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