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Who would like to hold now after seeing all of todays gains evaporate?
I would certainly want to sell rather than buy a dip now. In theory this should close at lows and go lower in AH session.
NYA: I’m still seeing the upwards five count. On this rather scrappy detailed chart I’m showing the larger waves 1,2 of C. Now in wave 3 up of C.
In this wave 3 we’ve had waves i and ii, now we’ve entered iii.
In iii we’ve completed wave (i) and the drop late today appears to be wave (ii). if so it has a target in the 11,800/20 area which it is trying for at the moment.
The RISK here for short positions is that we enter wave (iii) of iii which should be another sharp move upwards.
The ‘fives count’ is invalidated if NYA falls back below 11,600.
Running the earlier 3048.3 short for now, limits in for 30 points but will close tonight.
Closed at 21:00 as per plan at 3031.6 for 17 points.
That is more like it!
Plan your trade, trade your plan!
NYA: I’m still seeing the upwards five count. On this rather scrappy detailed chart I’m showing the larger waves 1,2 of C. Now in wave 3 up of C. In this wave 3 we’ve had waves i and ii, now we’ve entered iii. In iii we’ve completed wave (i) and the drop late today appears to be wave (ii). if so it has a target in the 11,800/20 area which it is trying for at the moment. The RISK here for short positions is that we enter wave (iii) of iii which should be another sharp move upwards. The ‘fives count’ is invalidated if NYA falls back below 11,600.
I can see exactly why you did not get your eraser out. Expected you to say as much.
One day at a time still for me.
Plan your trade, trade your plan!
Look at it go, 15 point rally from the spike low.
Not sure what I prefer Grind highs or spike lows lol
Plan your trade, trade your plan!
Saw that Kitsu, but big deal, China US tensions have been building up since last week (and long before).
It was just an excuse. They could have taken it down today because of yesterdays “Disastrous Beige Book”
Plan your trade, trade your plan!
DOW: the count analysis is the same as for NYA. We appear to be in wave C upwards which has an ultimate target of 29,200, that’s about 3,800 points upwards from today’s close.
Like NYA, the pattern appears to be that we completed waves 1,2 of C, now in wave 3 up.
This wave 3 can be subdivided into sequences of fives. We already got i, ii. Now we appear to be pushing upwards in iii.
Again, iii can be subdivided, and it appears that we completed wave (i) up and the correction late today was wave (ii) down. If so, the Dow will now reverse upwards into wave (iii) which has a target of around 26,429.
The entire five wave pattern is invalidated if the Dow trades below 25,000.
Interesting situation where the downside risk to the invalidation point at 25,000 is about 400 points, but the upside potential to the wave C target is 3,800 points. This gives a risk/reward ratio of about 1:10.
As always, there is no guarantee that this analysis is correct, and certainly a drop below 25,000 will throw the entire thing into the 화장실 (toilet).
The timing of this trade goes against Bull/Bear which
does not support a iii of iii starting today.However this market is nuts !
Never give up, never surrender.
David … When you get chance, can you update us on Bradley please. I think you mentioned it was supposed to be a 10/05/20 high and a 27/05/20 low.
Plan your trade, trade your plan!
The timing of this trade goes against Bull/Bear which does not support a iii of iii starting today. However this market is nuts !
Never any guarantees Chris. I can only report what I see…
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