DaddySawbucks

US 30 in Elliott Wave 5: Possible new ATH; don't short yet!

DJCFD:DJI   Dow Jones Industrial Average Index
Looks like the bulls are not done yet. This EW model projects a possible new high for Dow. Not saying it's going that far but it sure could.

Any hint of a positive comment or encouraging word from FOMC this week about future rates will ignite another leg up on this breakout rally.

They are buying the dips. Monday's grind off took index down to weekly support, so expect a bounce off it; looks like we had a 4th wave.

It is still too early to short this monster! Hang on 'til October peeps. Too late to go long, too soon to go short, time to go fishing.

As always, I am not an investment advisor and this is not advice, just another fun educational post for your amusement.

Good luck!

PS For the bears' case; there is a pin bar Friday and an engulfing bearish Doji Monday. Bulls probably won't care...
Trade active: Broke channel today suggesting down pressure may curtail the wave. Looking for a slight rise before Fed minutes then disappointment and more slippage. Stay tuned!
Order cancelled: Done


This is what I think.
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@bdadon, Yeah might be time to short today on Fed. Ty for comment!
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Very good observation, too late to long and too soon to short. October is around the corner and promises lots of action. 27K is on the cards...
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@lkdahleh, Ty for comment. Looks bearish today. Will see.
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