DOW

This is a possible scenario for the DOW.....


dl.dropboxusercontent.com/u/7238706/DOWdaily.png

..... if, and I mean if, this is a wave 3, then it only retraced a little over 14.60% of the move from 11,150 to 16594. Now, whilst this doesn't invalid the move as a wave 3, it would be more usual for the retrace to be somewhere between the 23.60 and 38.20% of said move. If this should be the case there is the possibility the move down to 15706.90 was just wave A of an ABC, with the target for a wave C between 15,287 and 14,739, being the respective %'s already mentioned.

The possibility remains this is not a wave 4, and this is not a five way move, but an ABC with the A finishing at 16,241; the B at 16,550; and the C at last evenings low of 15,706.90. This being the case ignore this chart: it's a pile of rubbish

However, if this turns back down between 16,151 and 16,255 , then hold onto your hats as it could fall to somewhere between 15,310 and 14,515..... a zigzag 5-3-5 swings, might bring us to the supports at 14,763 and 14,717. I favour this scenario but would be very happy to be proved wrong

Missed by 2 points...feeling gutted again....why 2 pips...why.....


dl.dropboxusercontent.com/u/4899609/dow29thjan2014.png


The first attempt trade has happened as it was only 2 points away so now its best to leave the trade alone.

With the upcoming Fed Meeting, tonight could be the night for this trade:



I'm in if it hits 15,703.79 or thereabouts (at the mercy of IG Markets).

Here's hoping for the same result as the previous trade (at 16,174.51); Fish 'n' Chips never tasted so good that evening!

Good luck all!

Patients is required with this index and you should not over trade this.
If you only trade at key areas then better chance of success with the dow


dl.dropboxusercontent.com/u/4899609/dow25thjan2014.png

This is approaching strong support at 15704. Ill be going long during market hours only with a 40 point stop.This is a first attempt trade only.

dl.dropboxusercontent.com/u/7238706/Wall...Cash%20%284hr%29.png

For the scalpers; a possible long coming.
This is my 4hr chart and there is a chance this may turn at 15,830ish and retrace to the 16,060 area to form wave (iv) of (( c )).
This is just my view so please DYOR.....

Like yourself Remo, I'm watching this one...

Back to Jan 17, my position was set at 16,174.51, but hey, I'll take 16,175 too!

Now, it is just a question of will it "come to daddy". A caveat however: if the velocity of the decline is too powerful, then surely 40 pts won't be sufficient, or the other side might suggest a deeper correction.