Was today a blowoff top in DOW/NAZ?

Very close to Gann angles.....180 degree target is the Diagonal that run parallel to the zero degree DIAGONAL. We gapped up this morning beyond our target line, but as you can see, the 720 degree support line (the dashed out steeper diagonal) nailed the bottoms of several days in a row.

 

short one naz mini. System, not discretionary. We'll see.

 

not sure ... as I could never count as well as tom demark

System Testing Results: TD Sequential
long 3/11/2003 DIA @ $75.95
sell 6/6/2003 DIA @ $91.47

saw this in active trader online ....

perhaps someone with TD add on software can confirm this

 

huge volume reversal improves the odds that today was it. markets needs spx/ndx needs two consecutive days of geniune selling to confim. no dip buying bullshit either!

 

I can see one last new high gasp , though we're near the top in my opinion.

 

3 billion volume on the Nasdaq , impressive..

 

who cares? As long as markets keeps moving one way or the other....!

 

Short-term we may see possible pullbacks and decline from this point. However, Dow Theory wise (the granddaddy of all that is Technical Analysis and holy), we've witnessed the much needed and final confirmation of a major Bull Market. We're talking about the long-term market direction. For the past three years, Dow Theory has given a major sell/bear signal. Friday saw the first buy signal in three years.

 

sent

Date: Thu Jun 5, 2003 12:24 pm
Subject: Market alert: Weekly Wave 3 target at 9058 reached 9087 breaking zone.

http://tinyurl.com/dj35

On Friday you could see the effect of the 9087 break zone : This kind of effect is due to the scale 4

I remind you that I gave an estimated target before well above the fake psy 9000 level :

http://www.elitetrader.com/vb/showthread.php?s=&postid=257113&highlight=Dow+9000#post257113

"05-19-03 10:50 AM
Re: harrytrader
On higher scale I have even more than 9000 (I think it's 9250 or even more I must check) but I'm not trading higher scale that's why I said I don't care about prediction that would be only true or false in a few months. If he want to go there I should see it coming when it comes ."

Can we go higher ? Yes since we have touched the 8210 level which is the presignal of continuation. Dow must establish a base above 9028 / 9087 before. Very short term 4th scale is not sustainable so a consolidation would be healthy.

 

According to the short term charts I read, the market is overbought. I purchased June 30 puts on the tripple Q's Friday afternoon