DOW

now dow can rip up needs to stay abv 680 & get abv 714 > 754

all longs now locked in

Banked some longs at 660

Kudos GC - closed all shorts and taken some long positions at 560.

still hold the view posted at the weekend, this royal flush does not suprise me.

like to see spx retake 1578. - dow apprx 680/710+ , if not the noriginal downside target remain 14550 - 14400

also +div 1hr remains

will post details later on.

WaveSurfer et al,

Really looks like the DOW will hit that 14500 area today at some point during the US session. Its broken through all noted supports above that, and I feel that is the next likely area from here.

I have reduced my target to this area (14500) from original 14350, as I also believe some resistance will be found here. By this point the pip count will be approx. 700, and I would rather take that profit now, than sit and ride out another correction, increasing the risk of the trade and my own sanity/frustration if it decided to turn against me.

I rode out this mornings calls for a bounce as I saw some weakness in the smaller timeframes, which is usually the opposite of what I would do, so feel like I have taken a step forward with this particular type of trade.

I will be watching the 14500 area with close attention though after I have sold (presuming it gets there).

forgot to add dow EOD...

dl.dropboxusercontent.com/u/40497882/Dow_EOD_23June.JPG

Updated 1hr chart. worth looking at oversold conditions on major timeframes, +div and candlesticks prints.... MRA4 - i have current move as major 3 of primary 3 still in play, i see a potentially big move coming next week and it looks like up imo. key will be market holding abv weekly low and moving abv at a min on a closing basis approx of 15050/15110.

spx 1578 & 1622/28 key to watch

also ftse daily candle looks interesting ( doji on futures & inverted hammer on cash at the current level and imho could represent a good risk/reward on the long side, still expect ftse to make one more higher high once this down move has bottomed out (i think its happened or very close to it) and the next high is likely to be the top for ftse.


dl.dropboxusercontent.com/u/40497882/DOW_1hr_wavev2.JPG




all imho

Cheers WS

WaveSurfer wrote: for those that like to surf the waves

NFP double barrel sword today... good numbers then more noise abt fed tapering, bad numbers then the noise is quelled for the time being....

dl.dropboxusercontent.com/u/40497882/DOW_1hr_wave.JPG