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Small short Dax at 13252 … stop 14050 … limit 8800
Closed at 13227
Never give up, never surrender.
Small short Ftse at 6000 … stop 7000 … limit 4000 ( x 2 )
This is all I have now but as I like day trading will it last 😉
Never give up, never surrender.
SPX: the triangle idea I mentioned yesterday appears to be developing. If so spx will find a reason to rally from around the 3,340/5 area.
The projected apex is in the 3,355/77 area, so spx needs to rally above that to form wave ‘c’.
Of course it might not be a triangle at all and can just continue straight down. But all my calculations suggest the next large decline *should* start from that 3,355/77 apex area.
EUR:GBP continues to it’s september seasonal ‘h’ and may target 0.95
Never give up, never surrender.
My timing indicator is bearish but turns bullish next wednesday.
That supports your pattern hatman.
A short sharp drop.
Never give up, never surrender.
Euroland spill up to complete S2L thursday … friday S3L
If US stocks do the same we should be locked and loaded for monday 😉
Never give up, never surrender.
SPX: unfortunately the drop to circa 3,315 destroyed the rather nice sideways triangle then plunge idea. Shame – I liked it. Still, markets are markets.
It’s still possible that there was a triangle (see thin blue lines) but I wouldn’t bet money on it.
An alternative view is that we are still in wave ‘C of A’ trying to form a descending wedge lower (see chart). This isn’t confirmed by the Dow.
So I’m left in no-man’s land at the moment and need to wait for a high probability recognisable pattern to show its colors.
DOW: for the Dow there’s an interesting triple bottom evident on the chart. This can be positive or negative (if it breaks).
Unlike spx the sideways triangle is still a possibility. It can be complete (not likely) or it might just need more time and wiggles.
A trade above 27,800 will likely confirm the larger pattern.
SPX: on the spx daily chart yesterday shows a potential reversal hammer candle bouncing from the 50 day MA.
We know that institutions watch the 50 and 200. However I’ve looked back on the charts and can see no clear evidence that the 50 is important for spx. It might be this time of course.
The 21 day is far more important. See how it is now acting as strong resistance.
The RSI is still below the 50 line, indicating a negative market.
NYSE: the NYA is often the most reliable chart. In this instance it’s showing a pattern similar to the Dow.
We got a pretty clear cut wave ‘A’ down, now trying to form sideways ‘B’.
‘B’ can already be complete as a triangle (and to confirm that the market will need to start heading south with gusto). That however doesn’t look likely.
The *better* count is that the sideways triangle (or flat)has only just started and needs to be longer (see chart).
Dax pattern looks like another drop needed.
Ftse less clear cut.
Monday and tuesday offer the best chance of a drop.
Never give up, never surrender.
With no flip the Ftse on monday should be S2H and
a cash ‘h’ circa 10am is what I expect.Where futures and cash open is a great unknown.
In general the bears have Mon & Tue the bulls Wed Thu Fri
but they both have to make their days count.Never give up, never surrender.
NASDAQ COMP: the COMP shows a pattern very similar to SPX. Instead of the sideways triangle displayed by NYA and DOW, SPX and COMP both show a falling wedge shape.
If this shape is correct, COMP should try to rally upwards in ‘d’ before falling to a slightly lower low to complete the wedge.
C=A*0.618 at 10,670 or so, just slightly lower than Fridays low.
For SPX the equivalent C=A*0.618 is at 3,306, again just a touch lower.
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