DOW

The dow has broken out today so i expect this to test the all time high.
Maybe worth a short on first attempt of all time high during market hours only.
im currently long on the dow from the breakout point but will take profits at the all time high.I will still keep some positions open as will move my remainder to break even.
its to late to jump on board.
If the high gets taken out then this can motor a lot higher so be careful on any shorts as there only meant for a quick trade only. The trend is up on the dow so longs are the way forward until things change.


dl.dropboxusercontent.com/u/4899609/dow1stapril2014.png

i wont be shorting this now as its too close to the high. Shorts at resistance works better when there is a massive move on the day towards a major resistance level like a move of 100+ points. When there is only 40-50 points in it then best left alone.
This could breakout so one to keep an eye on.. I wont place any trades now as last 30 mins of trading.



dl.dropboxusercontent.com/u/4899609/dow2ndapril2014.png

dl.dropboxusercontent.com/u/7238706/DOWdaily.png

According to my chart this should make, at least, 16,705, and very probably 17,154 > 17,431 before any significant pull-back. If this is a wave 5 it would be quite normal to expect a 1.618% extension of wave 4 to complete the wave. This would put us at 17,371, slap bang in the middle of my target area, and would therefore be my favorite.

My chart may be incorrect but, I see the current sideways movement as a little stutter before making a new all-time high.

This is just my opinion and is not intended as investment advice so please DYOR

The dow has moved back down hard this week from that resistance area.
This now is approaching the trend line(minor) which i will be going long on a first attempt basis.
The trend line is currently at 15795 so i will be going long at 15800 with a 40 point stop.Obviously the trend line changes daily so i will be changing my level daily as well.. This trade is the patient trade im always on about
good luck

dl.dropboxusercontent.com/u/4899609/dow12thapril2014.png

Yes Remo - it's approaching a very interesting area in the 15790-15800 region which I've been looking forward to for ages (those on chat will know lol!):



dl.dropboxusercontent.com/u/20815047/Dowdaily12_04_14.png

There's been an awful lot of price action in those 10 points and the 61.8% Fib is not far away either so plenty of support around there.

Interestingly, SPX has been more bearish of late so it's roughly back in line with Dow after leading for quite some time. In fact, at 1814/5, it's a little ahead in this drop as its equivalent trendline is at 1800, only 15 pips away compared to Dow which is 230 or so away (a usual 9:1 ratio gives a relative difference of c. 100 pts) so it'll be interesting to see which way they go.

If it does bounce and our wave counts are right it could be quite a move

dl.dropboxusercontent.com/u/7238706/Wall...sh%20%28daily%29.png

Having looked at this in the cold light of a non-trading day, I've come to this conclusion: we are at a crunch support/resistance level. If price breaks thru here it will head to a minimum of 17,370, with obviously, a few stutters in between, to form the completion of wave (( v )) / C; there could well be extensions thereafter. Failure here, and more importantly 15,987, and we will be heading south again for more consolidation.

Ultimately, when this wave that started way back at 10,402 does complete, we will be looking at a sizable correction......