A major correction seems to be in progress from the July19th high of DOW14,000
but you knew that already, right?
Its now 9;45 and my 90 bar hit seems to be happenning a little late and it might continue to the 126 bar time zone at 12:30
Suppositions:
If there were 5 waves from July 19 to Aug 17th, that would be considered wave "A", and the fact that it took 5 waves means that was only the start of the correction, not the end of it.
Wv "B" already in progess could take the dow to 13,100 or 13,250 by Thursday at about noon.
From there , wave 1 of another 5 wv series would start and possibly close on 12,500 or near it by the 28th.
Corrections take the form of an Elliott 5-3-5 or " A" Down "B" up, then the horrendous "C" to the lows and it usually takes the form of 5 waves.
As previously mentioned, I am expecting a high on the 23rd, probably about noon, and from there a strong dip to the 28th. this might be considered wave 1 of 5 of "C"
Dow levels remain as previously written, but could be even worse.
one other scenario
1500 = 1/3 of the drop in wv "A"
WV "B' = 600 to 750 = 13,100 to 13,250
Wv "C" = 13,250 - 2400 = 10,850
Suppose wave "C" = 2/3 then it could take out as much as 3000 pts off the 13,250 = 10,250
IF 10K is to remain a FLOOR, then that math formula could work
remains to be seen
Best wishes
Jay
2 comments:
Hello Jay,
I came across your blog and have read your posts. I must admit that I am very confused with many of your posts.
In your profile you say you trade for a living and like to keep things simple. .. I totally would agree if you could made things short clear and simple for your readers but I can not see that from what I have read.
I have been a trader for well over 20 years and in the last 15 have traded for a living and consulted the last few years for a trading firm.
Here is what I would suggest for your readers. Make your analysis short and simple. Tell them if you are going long or short based on your analysis.
You don't have to give away your entries, but give them a general .. Whats more important Jay is to give your readers an exit if wrong. Any good trader must always have an exit plan. ALWAYS!
Anyway, I wish you the best with your blog. Nice to know you share your views with others.
I would post my trading site here but do not want others to think I am trying to promote.
If you would like me to post my trading site and email, give me the go ahead and I will.
all the best to you
neurotrader
thanks for your comments.
I dont know how far back you read
I called teh FEB 27th hit on FEb 24th, and told my readers what to expect.
When the IRON is hot, I usually notify readers on this blog;
When Im not trading, I refer to market analysis, and some times get too wordy which is something I dont like to do.
Please EMAIL me your trading URL, and I can review for my readers before posting it here.
thanks
jay
Post a Comment