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Friday late action often spills over into Monday
but often is not always.Never give up, never surrender.
DOW: the rally from the wave ‘A’ low is rather sloppy and overlapping. It *might* be a rising wedge (see chart).
There’s a gap at 23,800. That’s also where the underside of the daily H&S trendline sits as well as the 21 day average.
It seems to me that the Dow will likely want to test 23,800 and then decline in wave ‘C’.
DOW: on the daily chart there are several things of interest.
First, as mentioned above, the 21 day average and the H&S trendline are both in the 23,800 area.
Second, it’s clear that the Dow doesn’t like life below the 50 day average. However we can project forward that average, and it meets the overlap sometime in the next ten days or so. Being a 50 day average it will soon start to rise.
In the bigger picture this appears to be just wave ‘A’ of something bigger, now forming wave ‘B’. The ultimate target might be the 200 day average, currently falling. We can project that average forward a couple months.
If we assume the final wave ‘C’ will be 0.618, we can work backwards from the 200 day and gives a target in the 22,000/22,500 area which is where the overlap lies.
So – overall – I think we are trying for a ‘b’ wave at the moment which will resolve downwards into the 22,000/22,500 area in the week/ten days. After that we should get ‘C’ upwards to around the 200 day average.
Wave ‘C’ will coincide with the 5th wave up in NDX.
NDX: seems to be rising in quite a clean abc ‘B’ wave. The pattern targets almost exactly 9,200.
I’m showing wave ‘A’ as a three wave decline down to 8,865 or so. Now we are in wave ‘B’ upwards.
The target for wave ‘C’ is 8,741.
Cheers hatman
NDX got near to but did not touch 9200 late friday so I do
not think we have long to wait for that test point.Never give up, never surrender.
My 2020 Bull/Bear Project ( A=Bull … D=Bear )
rates next week as BCCAA so the bulls own
the end of the week. Any early week drop
will be false and bought, imho.Never give up, never surrender.
Monday is S3 H if no flip
Hi is there a book or resource that can help me understand the lean.
Thanx in advanceHere in the Far East NDX Futures have touched the target area at 9,200 and DOW is trading slightly above the target of 23,800. It remains to be seen whether these numbers will be reflected in RTH.
I’ll be watching for a ‘gap up pop and drop’ today. But there is no guarantee, and to have confidence I’d like to see a distinctive reversal candle on the daily.
Yes, NDX above 9200 makes 9300 well within range, today.
Safer to let monday play out in euroland and US and then
take a fresh view near the US rth close.It’s a nice spring almost summer day here in Exeter so
some fresh air is on my menu and a bottle of French red 😉Never give up, never surrender.
Good morning all,
I did not personally expect this strength, instead expected it to be down today. Agree it can still be a pop and drop but being a Monday.
First clues will be Europe’s progress in the morning.
Plan your trade, trade your plan!
Monday is S3 H if no flip
Hi is there a book or resource that can help me understand the lean. Thanx in advance
It is not something that I use Moh and was originally shared on the old Kpad.
Plan your trade, trade your plan!
Futures kufuffery this morning indeed.might want the c equals a area around 2915ish from memory.
If SPX is a rising wedge ‘B’ (which it might not be) then the upper line for RTH is in the 2,870/5 area. Above that lies a ‘five’ for ‘c’ but where the pattern isn’t clean.
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