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Plenty to discuss concerning where we are now.
Never give up, never surrender.
Dow closed firmly above 24000
Ftse did not make a new high for this move.
After monday my bull/bear indicator turns very bullish
Never give up, never surrender.
SPX: the ‘rising wedge’ to 2,900 is reaching a critical point. If it *IS* a rising wedge of course. I’ve shown the possible pattern on the chart. It’s a bit scrappy but it ‘works’.
Note that on Friday there’s an upwards pattern where the final three wave ‘E’ will reach 2,900 with (c) = 0.618.
Above 2,900 by even a small amount will take me back to the ‘five upwards waves’ potential.
*If* this rising wedge is valid, then it’s wave ‘C’ of an ABC rally where C=A at 2,900. A subsequent drop might be hard and fast and *should* try to overlap wave ‘A’ at 2,640.
SPX daily: on the daily chart I’m suggesting the ABC with C wave wedge to 2,900.
The RSI remains in ‘bear market rally danger zone’.
The MACD has crossed the zero line enough to confirm a bear market rally.
Note that the RSI doesn’t show divergence between C and A, and that gives the possibility that this is all a larger ‘A’ to 2,900 which can be followed by another ‘B’ to overlap 2,640 and then a further ‘C’ upwards.
David that would fit very well with my expectations
for the Ftse and Dow.Monday should be a day traders dream, for some
and I hope that includes me.Never give up, never surrender.
After monday my bull/bear indicator turns very bullish
Exact timing is difficult when dealing with cits but
my reading is any drop will be false.I was concerned that there was not enough time to fit
a drop in, so a fast drop and reverse sounds ok.Never give up, never surrender.
Dow on monday is Cycle Day 1 … doesn’t matter where
it starts from, the market will seek out support.Never give up, never surrender.
Dow on monday is Cycle Day 1 … doesn’t matter where it starts from, the market will seek out support.
Hmmm… I have Monday as ‘day 3’…
Be very careful here – the 2,900 cash appears to be critically important.
Dow on monday is Cycle Day 1 … doesn’t matter where it starts from, the market will seek out support.
Hmmm… I have Monday as ‘day 3’…
Yes Monday is STD S3
Cycle Day 1 refers to George Douglas Taylor 3 day cycle
Never give up, never surrender.
NASDAQ COMP: the comp has rallied strongly from the low, and at current levels has exceeded any ‘three wave’ ABC pattern. This appears to only leave the ‘five wave’ as an option.
Notice that COMP has passed upwards through the zone of resistance from a couple years back, and has also broken upwards through the 50 and 200 day moving averages.
The RSI now looks a little too high to be a ‘bear market rally’ and the MACD is rising strongly.
More analysis is needed, but overall there’s nothing (yet) about this chart that says a bearish stance is appropriate. This is also a ‘warning’ about being too negative (yet) on Dow and SPX.
To avoid years of stagnation in the major economies, the
idea of some form of “Debt Jubilee” is being considered.I doubt we will ever see the true meaning of this as
written in the Holy Bible.As a first step, what may happen is that debt, that has
little chance of ever being repaid in the lifetime of
the debtor, is annulled after a number of years.Something will have to be done to avoid mistakes that
were made after Credit Crunch I in 2008.A return to austerity, that amongst other undesirable
things, brought the NHS to it’s knees. Is not an
option for a government seeking public approval.Never give up, never surrender.
Interesting guys. I am still in the ‘topping of the bear rally phase’.
I will post and play my intraday cits. Bring it on.
Plan your trade, trade your plan!
My 2020 bull/bear indicator leans thus:-
Monday = bear
Tue Wed Thu Fri = bull
For me this is a great test of this project
as the indicator seems at odds with logic
bearing in mind the state the worlds in.I will learn something this week and I would
hope to earn something.Never give up, never surrender.
Oops the below was sitting on my screen unposted from last night.
Gap down open on ES
Massive gap up on Oil
£/$ falling.
All very early doors.
Lets see where we make a cit overnight and then the morning
Indices seems to have gone up in the night after that but retraced back.
£/$ more down
Oil tanked.
Plan your trade, trade your plan!
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