FX:US30   Dow Jones Industrial Average Index
My idea is supported by two main analyses:

  • Elliot Wave count for a triangle formation ABCDE currently at E indicating a new impulse in the opposite direction might be coming.
    Bearish Gartley pattern fully formed.
    Bearish AB=CD pattern fully formed.

HIGH RISK trade, remember this is against the major trend so place your stops accordingly.
Risk/Reward ratio is excellent nonetheless, and that's the main purpose of this trade.
Comment: Stops moved to BE for protection. The market is unstable, it is better to be prepared and wait for the news.
Comment: Trade is evolving just as expected. DJI index official volume numbers show healthy reversal heading lower. I'll use volume as my indicator for an exit in case i see volume decreasing.


Stick to the plan.
Comment: Wave 1 seems to be completed. Wait for a retrace to complete wave 2.
So far, so good.
Comment: Looking good.
Comment: Better than expected. Wave 2 earlier?
Comment:
Comment: First target, incoming!
Comment:
Heavy buying at the bond market. Buyer unknown.
This will make yields go lower for a bit. It could boost stocks also.
So, i'm paying close attention.
Trade closed: target reached: On point!
2nd order still open.
Comment: Possible turnaround here, watch this support.
Comment: Almost got the second target.

Also, the long term trendline seems to be broken (candle closed below) BUT, i'll monitor it anyway.
I also might move my 2nd target further down to last low.
Comment: Bullish Gartley

Keep this on your watch. I'll keep my 2nd target but i'll move stops just a bit above my 4th wave projection.
Comment:
Was that wave 4? hmmm
Trade closed: target reached: Saw that low volume on the rise, reentered at 24414 and many times on the drop. I call it a day. This is going to retest and possible jumping back, due to the risk I prefer taking profit and waiting for a new opportunity.
Hope you had a nice ride as I had.
Cheers

I am just here to applaud your observation mate you SMASHED it.
Reply
cacus Jamal92
@Jamal92, Really appreciated Sir!
Reply
Hmm, was that wave 4?
Reply
Yeah , thats the stuff , light that sucker up!!
+1 Reply
cacus Sharecrazy
@Sharecrazy, incoming ;)
Reply
I think that us30 will hit 28000
Reply
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