The case for a Dow top...courtesy a little Gann, Michael Jenkins, and George Lindsay (no, not Goober from The Andy Griffith Show, which was spelled "sey." The former was the reclusive chartist most renowned for 3 peaks and a domed house.). My forte is tech time cycles, so to me price, while important, is secondary.
For the moment, ignore the Gann fan. Which, I'm sure, many do already.
A "yuge" time loop came in on 3/1. Until price crosses 21170, I'll stand by it. I argue that 3/1 remains in force because of the colored lines on the Dow chart, starting with teal at the far left and moving right to encompass yellow, black, blue, and brown. Notice the trading bar count between teal and yellow - 10. Now, count the bars from yellow to black. The answer is thirteen. Try black to blue. Again, 13. And finally, blue to brown - 10.
So, here comes the Lindsay. Ones of his theories was the "mirror image foldback" as taught by Jenkins. Time and price can literally reverse AFTER a central pivot point has been established. Here, the 4/26 high completes a very minor time cycle begun on 3/16. The March 25th and 4/19 lows were part of it, too. And the black line is the pivot. Visually, the chart appears as an ugly "W." Still, it does have a symmetrical look, doesn't it? Yet, what if it's an "M" instead? Extending such logic demands that the brown line, on 5/11, move the price up toward 21170 - without besting it - if the 3/1 cycle is correct. Assuming as much, then the DJIA on 5/12 or 5/15 SHOULD start screaming down.
On to the Gann fann. Form-fitting suggests 5/11 to offer 21123 or maybe 21143.
IF...any of this comes true, I'm going short with at-the-money Sept. puts, expecting a near-term bottom on 5/19. Why? I've got some heavy-hitting cycles starting 5/16 through the following Friday.
Yam
For the moment, ignore the Gann fan. Which, I'm sure, many do already.
A "yuge" time loop came in on 3/1. Until price crosses 21170, I'll stand by it. I argue that 3/1 remains in force because of the colored lines on the Dow chart, starting with teal at the far left and moving right to encompass yellow, black, blue, and brown. Notice the trading bar count between teal and yellow - 10. Now, count the bars from yellow to black. The answer is thirteen. Try black to blue. Again, 13. And finally, blue to brown - 10.
So, here comes the Lindsay. Ones of his theories was the "mirror image foldback" as taught by Jenkins. Time and price can literally reverse AFTER a central pivot point has been established. Here, the 4/26 high completes a very minor time cycle begun on 3/16. The March 25th and 4/19 lows were part of it, too. And the black line is the pivot. Visually, the chart appears as an ugly "W." Still, it does have a symmetrical look, doesn't it? Yet, what if it's an "M" instead? Extending such logic demands that the brown line, on 5/11, move the price up toward 21170 - without besting it - if the 3/1 cycle is correct. Assuming as much, then the DJIA on 5/12 or 5/15 SHOULD start screaming down.
On to the Gann fann. Form-fitting suggests 5/11 to offer 21123 or maybe 21143.
IF...any of this comes true, I'm going short with at-the-money Sept. puts, expecting a near-term bottom on 5/19. Why? I've got some heavy-hitting cycles starting 5/16 through the following Friday.
Yam