From a non-elliott approach ... (1) if 60-min dow close < 10,531, we have a defo corrective downwave on 60-min. Then if the 60-min July 20 low is also taken out decisively, we have a very stong likelihood of a reversal. (2) simplicity itself ... the trendline shown below on Dow 60-min. Uploaded with ImageShack.us
deadbroke, so you think we could fall to roughly 10,300 in the dow before continuing to rise back up? is we break through the 10,300 level, where do you think we'll be?
No. 6,500. -------------------------- Place your crosshair cursor on the Dow Jones monthly chart. See that big cluster of support from 1999 to 2006? Its axis is @ 10,580 lower reaches of said cluster @ 10,000 approx. Therefore below 10,000 = start of freefall. Next stop @ H&S neckline @ 6500
------------------------------------------ The trendline is the simplest tool in existence, but at ET one would think its rocket science!!!!!!!!!!!! Slamdunk!! Uploaded with ImageShack.us
------------------------------------------- Take a good look at the pattern. And remember it was shown for days and days. I did get fooled by that little trendline break for the "b" wave, but fooled only for a day; made a quick comeback and presented analysis of the explanation - which NOW in hindsight was "perfect" And it was called right down to the last mini-waves 1 and 2 at the extreme right of the chart. What's more is that it is indeed rare for an elliottician to call a wave 3 correctly. I've broken that stigma many times in my thus far short market experience (still a newbie) and broken it here with a resounding, YEAH!!! That's precision. The pattern is NOW TOTALLY COMPLETE regardless what occurs next Uploaded with ImageShack.us
So we now leave the 60-min timeframe and refocus on the THREAD CALL timeframe, namely the DAILY ... Dow Jones SHORT continues unabated and unabashed
----------------------------- You were warned on July 29. esp. re: Vix Vix (May 19) ++++ Galactic Death Cross ( July 21) As of yesterday's close, Vix is now above the 200-day, its Macd is curling up from below zero, but most significant is that the 144 is crossing 200 topside for the first time since June 2009.
Nice. But I think your margin of error (3rd post, DOW 10654) was exceeded a while ago triggering your stop. Anyway, nice try.