DOW

in the spirit of WS's long term Dow 100,000, here's what a Billionaire thinks (attached)...

For now however, with a COVID-Trump and bad NFP numbers - the dow is down (let's carry on with the short term trend-trading).

The irony of the IBEX and FTSE being a "more accurate" view of where we're really at.

the US markets need get with the program, they are still in their first wave, with covidiots, deniers, liars and hucksters running around out of control.

Dow broke out of downward channel yesterday (just as I went short )..seems to have successfully backtested it as well....will be get stage 3 of the breakout?!

dow - weekly.
uk.advfn.com/p.php?pid=chartscreenshotsh...gIfC0rzu/29HwPxmg1g=

great charts and calls guys....very interesting posts as always.

does look like things could get nasty
this really did need to make a higher high and fly away....

Could well be that it turns back around and the bulls fight back to make that hh....
on the flip side some key levels being tested like the 200 day ema line on the daily....

if those levels go...could we momentum really shift bearish and have part 2 of The Crash??

lets see...and please keep posting guys
atb, wdik, dyor,
trendfriend

since the bearish breakdowns established within the major indices and also within the DOW JONES, it is showing up with some interesting price action at the moment, as the market is slightly oversold this can lead to some possible rallies firstly on the shorter term sooner or later, in this case, I detected the important levels and possible outcomes within the index to consider further destinies, for now the trend still remains to the downside however this can change when the index manages to show up with the right price action, till then we should not keep the established bearishness by side as the direction factly is still to the downside.

Looking at my chart you can watch this huge descending-channel-formation marked in blue, within this channel the index has build up a wave-count coherently following up to the downside, at the moment the index forms the major wave D in the wave-count which will run directly into strong resistance layers, firstly consisting of the falling upper boundary, the 100- as well as 200-EMA marked in black and also the horizontal resistance coming into the surface here, these all together forming a coherent and logical resistance cluster which is likely to be confirmed to the downside when touched, this mechanism will set up the final wave E.

When the index shows up with the most likely scenario forming the bearish wave E to the downside, it has the possibility given to recover which can be done in the blue back-up-cluster marked in my chart, where the end of wave E coming together with the lower boundary and the Fibonacci-support lying there, all together building the support from where a bounce can be done, in this case, it is from high importance that the index really bounces in this range because when the index moves swiftly below it and closes below this can invalidate the channel breakout which is not the most likely outcome for now however this scenario should not be underestimated.

Nice one WS,

Yep, I suspect the bounce will appear as a BTFD - and those caught higher up will use it to liquidate.

It's not the end of the markets by any means, but a healthy correction 10-20% for the Dow / S&P isn't a bad thing surely!

Will keep a look out for the numbers as ever.

Would defo prefer the Dow to dump into the close (26700-26600-26560 will do me!)

Hope you're keeping well.

26560/600... watch for close below on a daily basis, it will fall further but expect a bounce from below this area - next up will be 25000 - danger line. the bounce is not a buy/swing- scalps on long side is ok if thats your game (as the rug can be pulled anytime ) - but that will be an opportunity to re- load shorts. i will update later once we have found a short term and give bounce area targets for reloading shorts.

keep the swing short rolling, a close below the above number i will take some profit and leave a nice banker running, and re-short.

bang bang, weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee

rgds WS.