This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford
Hi CR, Guess you are having to put up with the cricket and tennis now that the rugby season likely finished over your way by now. Know these are not your favorites but you must be enjoying the warmer weather. Cool to cold over here last week with solid rain. All is well nevertheless.The DOW has completed wave 3 of 5 in my view - just about perfectly. Expecting a long sideways wave (4) decline at intermediate degree (chart link below). This is consistent with what have been saying about expected good degree decline coming up for ASX with associated banks and miners. Gold expected to shoot up. Hope this link works - just trying out this dropbox - see how it goes.Enjoy your weekend.https://www.dropbox.com/s/b8lsyzubiqbr1kw/DOW%20Hourly%2814-7-17%29.png?dl=0
The sideways wave (4) degree at minor degree and not intermediate degree as said above. One degree lower - still a longish sideways decline. Likely 400 odd DOW points. To get down to the 0.382 retracement level at 21,255 projected to take 28 trading days (close to 1.5 months). Maybe shorter and shallower than that but due to the extended duration of the white wave (2) expect something long in time. But 400 points in something like 28 trading days is not a lot - likely chop for most of it. Triangle would be the worst - flat potentially better - especially if it turns out to be an expanded flat where it goes down first, then up higher, then the much deeper C wave decline. Wave (2) white was a zigzag so wave (4) white would alternate to either a flat or triangle.
Here is an alternative daily wave count that has a far more serious impending implosion not far off. Potentially imminent. The count is valid and only alters the labeling of the final fifth wave. Not what you would expect to have a short third wave with lower momentum than the final fifth wave - the fibonacci relations are not what is generally expected but highly doable. The symettry for this wave count is actually very good. The last wave five alsi has price following closely along one of the Gann angle lines (green line in chart).This wave count is far more consistent with what I am seeing on the ASX. Think you will prefer this wave count to the one posted earlier - even though EW is not your favourite method :) https://www.dropbox.com/s/qahor9826ypc7zm/DOW%20Daily%2814-7-17%29.png?dl=0
Thanks JD those links work fineYes rugby over for now but I gather there is some talk of trying to get a decider between the Lions and NZ in Twickenham this Autumn,which would be awesome !Hope you are having a great weekendcheers