4 has retraced slightly over 38.2% of Sub (iii) and technically can be considered complete. The futures indicates that sub (v) may have already started. My preferred count is a Truncated sub (v) for a double bottom but an alternate full count is also included. Watch the futures tonight.
Current Price at Posting: 25588
Directional Bias: Long
Price Target: 25850+
Good Entry: 25270-25320
Risk/Reward: Max of 50 point risk / Potential Reward of 500-600 points.
Trade Idea Invalidation: Hourly Candle close below 25250
DJIA is headed lower tracking investors rotation from stocks into 10yr T-bonds. I am seeing the index breaking down towards 22-21k.
Oil has already shed considerably and metals are trading lower too which effects Dow Jones Industrial sectors.
Technically we breached a weekly Insidebar to the downside and traded back which gives us an opportunity to get back into ...
For all the rhetoric of crashes etc, just remember we are still in an inside month, we have gone nowhere! Trend is down on all timescales but that can all change in the next two weeks with the new month and the seasonal strength starting the timescales afresh. Don't get married to an idea.
Also to note- this chart shows beautifully the importance of monthly ...
DJI rebound back to 26000 level, and come back to the bullish trend line.
A gap of 200 pips is observed, it could be swing back to last point by the time DJI open market.
Short at 26000 level (limit order), cl 26053, profit taking at 25600.
On the left chart (daily time frame), market profile was fixed on Dow Jones futures range between February low to October high. Trader please look at the point of control, identify as red line in the chart which indicate the most volume traded price level within the range. Coincidentally, market rebound 3 times from POC.
The recent fall from 8 November high have ...
Point of control sits at 24800. We are still in a range moving between YP and YR1, with plenty of space to move either way so don't be drawn into early calls of crashes etc. We have returned and dropped below the POC which should now act as resistance. However 24200-25500 is a value area with a broad profile so strong moves both ways can occur.
The US-China trade war fears have subsided after a positive phone call between Trump and Xi yesterday. THe markets dismissed Apple's worse results and continued bidding up stocks.
We're now in full recovery mode as suspected, with retail traders shorting into this rise.