Dow Top Call - 11yr formation - part 3 (COSTCO)

Hey dick breath, how about that $50 you owe me?

 

Watch the 200 SMA on the SPX at 1263, a close below that and a retest and break of March 2011 lows can show even more downside for the SPX, a quick drop to around 1225 and if that doesnt hold a break below 1200 is possible as well.

 

What happened to your long position?

 

See the 4th last post on page 4 of this thread for the Dollar Index 1H chart.

You see the A-B-C, so we got that covered.

Now look to the extreme left of the chart - see where I marked the number 1 ?

That number "1" consisted of 5 internal waves - that makes it an impulse wave, so for brevity and to reduce clutter, I just mark the numeral 1 AFTER the move is over and the subsequent correction is well underway.

 

Thanks! So you always do wave count, but only trade on a trend line breakdown?

 

Repost of the Dow Jones daily for reference as we go undercover to find the next trading move on 1H

 

Taking a Dow Jones 1H post from page 4 and following thru' ....

 

also from page 4

 

also from page 4

 

As shown in the previous Dow Jones 1H chart, 5 waves down are over IMO.

So short profits are history and done done done as soon as the trendline shown was taken out. This was stated earlier in one or more of the posts.

Its sidelines for ME since then.

I am now watching for the corrective upwave aka Rally which has been ongoing since the trendline shown was taken out.







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