DOW

This is already down 230 points. The interesting bit is if this breaks past 14844 ,at that point this would be down 270 points. My point is if that level gets taken out then this could move a massive amount today. Even 500 points. I know it sounds crazy but remember quadruple witching is tomorrow so some people would be getting ready for that already. Thats probably whats driving this markets volatility currently???????. Normally the dow dont drop more than 300 points in a day.
I normally go long at a trend line and the nearest trend line is at 14577. If that level gets tested today then i will be going long with a 40 point stop. This will only be for today only and not tomorrow.
I wont be placing any trades tomorrow due to witching hours....Dont want to be burnt at the stake just yet Im no witch.


dl.dropboxusercontent.com/u/4899609/dow20thjune.png

i see 5 waves down, 886 worth a long scalp/short cover here.. if you took one and good area to unleash some shorts, then more down after bounce

not crazy at all remo - makes perfect sense...

It's exactly the right sort of area for a bounce to form wave 2 of C too if the target area for the low of C is c. 14500ish

u bet - here's tip - just observe the MACd on 60min chart and look left to last int correction back in nov12...

J - you remember those 2 dates i gave on chat ?

note the macd level in particular and the setup

WS - sorry, no, I don't remember the dates. Also not sure about what you're referring to with the MACD.

Sorry to be a bit slow - my brain has boiled this week with it being >30C in the shade, starting intensive Polish language classes and almost no sleep.

I did have orders to go short yesterday at c. 15400 but sadly missed this move.

Like you guys, I have been in this move from ~15220 with target @ 14300 or the 200sma on the Daily, whichever comes first.




I do think a bounce at this level on the daily chart is possible though as both 100sma and the 23.6% may provide some sort of resistance, even if it is soft or intermediate. I think it fits in with your counts possibly.

Fully expect further moves down, maybe even past 14300, but that is where I will be happy taking profit. If the market gives me it of course.