|
PureBytes Links
Trading Reference Links
|
Evening All,
Attached, for those interested, is a continuation of the very short term
accordion, on a ten minute graph of the Dow, with times to close out the
week.
The times for the 28th and 29th were less than productive, and the tepid
market action was controlled by the upper and lower trendlines. The
trendlines have been adjusted ever so slightly, to encompass all the market
activity. This has little effect on the originals, and their worth, as it is
only a violent crossing of trendlines that deserves any attention anyway, in
my view.
The 1.618 projection for 12:10 tomorrow (give or take 10 minutes), is pretty
much the last short term possibility I'm entertaining for the daily data
"date" I had for earlier this week. My next "daily" occurs this weekend, to
be played out at the beginning of next week.
I'll go with a strong break in either direction, but my gut is with the
downside here, as action narrows within those trendlines. I was tempted to
put an Elliott count on the graph, but it's not as clear as I'd like it. I
think it is safe to say though, the action since the 7/24 low is corrective,
and not impulsive. I know we've been rising, but all the small lower
trendlines, drawn from low to subsequent low, have been taken out, as the
market fails to accelerate to the upside, and remain above these short term
lower trendlines. This is classic corrective action in my view. It's a
bullish correction, in that when complete, the ensuing impulse move will be
quite explosive, but I tend to think we need something to the downside to
finish off this correction. Doesn't have to be enormous, maybe 200 - 300 Dow
points over a couple of days.
Maybe tomorrow.
Peter
PS Trading rule # 1. Follow your rules, not your gut.
Attachment Converted: "c:\eudora\attach\DOW2.gif"
|