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Put a stop in on the 2922.4 short at 2912.4 to lock in 10 handles profit. Could have taken profits 5 points lower, but have decided to do this.
Plan your trade, trade your plan!
Tough call, but I am tempted to short circa 8pm, if its a high, for a move down?
Crookshour I know, risk I know, but that’s my thought.
Plan your trade, trade your plan!
Quite uncanny so far. He sort of has crookshour down too today.
It is his Thursday and Friday that would shock me.
Plan your trade, trade your plan!
Tough call, but I am tempted to short circa 8pm, if its a high, for a move down? Crookshour I know, risk I know, but that’s my thought.
Oh what fun 🙂
Plan your trade, trade your plan!
I am happy we did get a bear Tuesday and
although Wednesday is also bear I will
take greater care after today’s drop.Thursday and Friday are days when I will
be in no rush to trade.Never give up, never surrender.
Absolutely beautiful.
So we have a new indicator. Its called the CDK System.
It is when Chris, David and Khalsa come together to be on the same script on any given day.
Bear indeed!
Yeehaa,
Plan your trade, trade your plan!
NDX: we got an outside reversal day, peaking at 9,356 just slightly above the target box at 9,341. Then NDX fell sharply.
Have to assume here that the ‘top is in’ for wave 3 at 1.618.
The estimate for wave 4 is down at 8,741.
As wave 2 was ‘short and sharp’ one has to assume that wave 4 will be ‘long and flat’ or some other variation.
Ideally the MACD will drop below zero to confirm a 4th wave, and time will be needed for that to happen.
DOW: we got a large red candle which closed below the important 21 day moving average. Of course just one close below that average doesn’t mean much as it can rebound upwards if it wants to. Another close below would be more important I think.
Just as important is the 50 day and one can see that it has acted as support/resistance several times, including an exact support point in the last downwards correction.
Interestingly if we calculate c=a from the top it indicates 23,000 which is almost exactly where the 50 day resides at the moment.
So I suspect we are in ‘c’ of a first small abc decline from the top, which will break through the 21 day and target the 50 day as first support.
AMZN update: it appears the next leg downwards in wave 4 has commenced. I’m marking the correction from the top as wave ‘a’ and ‘b’ complete, now entering wave ‘c’.
The perfect target is 2,233.
One point of note is that a straight c=a will exceed the target. Also, TIME will be required for the MACD to reach zero. This suggests that the route down might not be a straight affair – the entire 4th wave might take the form of a triangle or descending wedge.
S2 today …first hour / last hour are key and that
is where we find hod and lod on ‘normal’ days.No position for me and a feeling that I do not want
to give back tuesday profits.I will watch Ftse rth for clues using this guide
…
6000 bull
5900 neutral
5800 bearNever give up, never surrender.
At the US close tuesday Ftse futures were low 5920’s and
the wednesday premarket opens low 5940’sA warning of a US rth gap up to trap the peans ( tepid talk ).
I am cautious re the Merlin prediction for thursday.
Bigger picture … March lows or new aths … still the ?
Never give up, never surrender.
BRADLEY: a reminder of the Bradley chart for 2020. The peak shown was May 10. Allowing a couple days either side, one *could* say that the Bradley caught the high and reversal.
Note (as I always say) that the Bradley is more often than not complete nonsense.
However, I’m expecting a 4th wave decline in NDX and a ‘B’ wave in Dow and SPX (and NYA) so it’s possible that the Bradley is just about correct this time. Note that it is suggesting a three wave decline into May 27. That would make sense to me.
Make of it what you will, and remember that it is often completely wrong.
NYA: the NYSE Index has tended to be the most accurate chart for analysis recently.
It shows a complete c=a abc rally from the lows. Now trying to form a larger ‘B’ wave.
If this is part of a larger ABC higher to the 200 day moving average, then the MACD needs time to decline below zero.
We got the first wave ‘a’ down, followed by ‘b’ up. Now we need ‘c’ (or something else). Because of TIME I think ‘c’ might be a gentle descending triangle rather than a straight drop to the overlap. Or some other extended time pattern might develop.
It closed below the 21 day average, but that can always be a ‘one day wonder’. Like SPX, it really needs a second and third day below the 21 to give confidence that it will then try for the 50.
Note that a c=a targets 10,550, almost exactly in line with the overlap, but it might need TIME to get there.
Oh goody, it’s going up so I will be looking to short.
I am thinking shorting the 11am-1130am area.
Might need to get a few shorts to try and get an average in that timeframe.
Plan your trade, trade your plan!
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