Dow Jones INDEX:DJY0 formed a bearish Wolfe wave.
Being supported by RSI divergence at m15-m30 timeframe and significant stopping volume at point 5, it appears to be a good sell entry point.
Crossing line 2-4 supported by increased volume should confirm the move South.
Opened 3 positions at 22049/50, SL 22167, TP 21878
GL All!
Being supported by RSI divergence at m15-m30 timeframe and significant stopping volume at point 5, it appears to be a good sell entry point.
Crossing line 2-4 supported by increased volume should confirm the move South.
Opened 3 positions at 22049/50, SL 22167, TP 21878
GL All!
Trade active:
Re-testing of line 2-4 after the initial move South and retrace to 50/61.8 is expected to be the defining point if this wave is successful.
The retrace of the index above 61.8 of previous move may mean troubles for bears. However, the move below line 2-4 and staying there backed by solid volume would definitely be good news.
3 more positions opened during this retrace at 22006/19.
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Unfortunately, mini DJ futures quotes here are delayed for 10 minutes.
While writing this, the price has already broken 2-4 again and continued its down move supported by significant volume. However, current situation still provides a short opportunity, but probably not for too long.
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The retrace of the index above 61.8 of previous move may mean troubles for bears. However, the move below line 2-4 and staying there backed by solid volume would definitely be good news.
3 more positions opened during this retrace at 22006/19.
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Unfortunately, mini DJ futures quotes here are delayed for 10 minutes.
While writing this, the price has already broken 2-4 again and continued its down move supported by significant volume. However, current situation still provides a short opportunity, but probably not for too long.
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Trade active:
The wave is currently working as intended.
After strong initial breakout of line 2-4, there is a probability of retrace.
3 lots were closed at 21947, 3 are pending for planned TP. Depending on situation's development, it may provide further opportunities to re-open more shorts.
After strong initial breakout of line 2-4, there is a probability of retrace.
3 lots were closed at 21947, 3 are pending for planned TP. Depending on situation's development, it may provide further opportunities to re-open more shorts.
Trade closed: target reached:
What appeared to be the build-up of stopping volume, was actually the support of continuation of strong down move.
2 more positions were closed at line 1-4 cross - initial TP (point 6) was reached successfully.
The target line (1-4) touch was accompanied by really high volume spike. Still, the question remains if this is sign of reversal of the current downtrend or just a correction on the way further to the South.
For the last remaining position, SL is set to breakeven, TP at 21706 - all the major markets are deeply in red, chances are that this selloff will continue at least until the end of this week.
2 more positions were closed at line 1-4 cross - initial TP (point 6) was reached successfully.
The target line (1-4) touch was accompanied by really high volume spike. Still, the question remains if this is sign of reversal of the current downtrend or just a correction on the way further to the South.
For the last remaining position, SL is set to breakeven, TP at 21706 - all the major markets are deeply in red, chances are that this selloff will continue at least until the end of this week.
Trade closed: target reached:
Far TP was reached successfully. Last remaining position was closed earlier (quite a bit actually) that it should have been, but with solid profit anyway.
RSI is already almost scratching the bottom, heavy volume made U-shape figure, but DJIA is following the global markets as sellout continues.
The index is currently -1.36% so far - the largest fall since May 17 2017.
RSI is already almost scratching the bottom, heavy volume made U-shape figure, but DJIA is following the global markets as sellout continues.
The index is currently -1.36% so far - the largest fall since May 17 2017.