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DOW: the DOW reaches c=a in the 26,000 area. Unfortunately I don’t think a c=a is possible with the current pattern – it has already touched 26,660 a couple times on the way down and if the final waves were to bottom in that area I’d be very surprised (and suspicious).
So it might be that the DOW is trying for a larger falling wedge – a, b, c, d, now trying for ‘e’ (see chart).
The 200 day MA has acted as a target and support before, so perhaps that’s what the DOW is trying for.
This is also why I’m showing the larger falling wedge for SPX.
The DOW 200 MA is at 26,300, so if 26,600 breaks, that’s a good clue it wants the 26,300 area.
DXY: lastly, it’s worth keeping an eye on the Dollar. There’s correlation between the equity markets and the direction of the Dollar at the moment.
DXY is approaching a point at 94.7 where c=a.
DXY: this chart combines the SPX and DXY. See how the Dollar bottomed almost exactly on the SPX top. It wouldn’t surprise me to see DXY hit it’s target almost on the same day we see the equity market wedges complete.
Cheers hatman
I have closed my Dow shorts now as although I have a
lower target the easy money has been made
from the initial drop.I want to wait for the next good reward to risk ratio
Never give up, never surrender.
Good morning cimac hatman et al
The adage SELL ROISH Hassanah – did bear fruit ( but hat man hatsoff had it nailed proper)
NOw we see YOM Kippur
adage as : sell Rosh hassanah and buy Yom Kippur
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
In the UK covid19 job retention scheme or variant will
continue which will be a relief to many workers.No autumn budget so that can is kicked into 2021
Debt just increases at all levels and places.
W D Gann ‘low stock prices’ in 2021 … a la 2009
with this debt crushing the life out commerceNever give up, never surrender.
Today is S4L … variants are ‘A’ shape
Could see Dow and Spx support tested if ‘normal’
and or if spill down friday.Tough to trade at any time.
Never give up, never surrender.
another gem from my new guru at 8:26 sell dax 12575 sl 12620 the rest is history.
btw nice ew call hatman
So far yesterday’s early high which was critical to my plan has held. My plan remains of a high in circa 3430 and hopefully 3100 next. Let’s see.
Nothing has changed for me. My target remains 3100, although it may be even lower on this run. After that I fear the liquidity driven rally will resume. In 2 weeks we will be back on earning season, so ideally I need the 3100 before then.
Well done all.
I am still patiently waiting for 3100 SPX or lower. I am hoping for an acceleration down below 3193.
Plan your trade, trade your plan!
Small long Dow at 26576 … stop tba … limit tba ( x 2 )
Closed 1 at 26676
I will run the other a bit more.
Never give up, never surrender.
Small long Dow at 26576 … stop tba … limit tba ( x 2 )
Closed 1 at 26676
I will run the other a bit more.
Closed 2 at 26725
Never give up, never surrender.
Lol well done Chris.
I am as sure as I can be of lower prices. Sure there will be bounces but they should be contained and selling resume.
For now I am just running shorts and trading a few positions as have no time for intraday trading.
All good fun.
Plan your trade, trade your plan!
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