I agree that next week should be a down week, and am targeting around the 1.3800 level as well. But, I do believe that either Wave C or 3 is complete at 1.3502, and we should be coming down to form a 1-2-3 bottom. Cable is long overdue for a major correction, and I believe that it will accelerate after we take one more poke down around the lows. Keep up the good candle analysis!
With the wave (3) decline being extended, it's possible that a flat correction is in the works. So be aware of the possibility of a new low below 1.35 before any rally gets going.
Of course it's also possible that a triangle or any other type of correction is forming, but a flat seems likely given the extended third wave.
Got ya :-), thanks ... so as far as I can see atm, with the current structure unfolding as a triangle in the DAX, there should be really another move down before going up again... or do you see any bullish alternates from here?
Hope Justy can give his opinion too, that'd be great!
In the longer term perspective, I'm still looking at the decline in the DOW as wave (C) of a flat correction. One more decline should complete wave (C). I don't follow the DAX, but I'd expect something similar.
In the longer term perspective, I'm still looking at the decline in the DOW as wave (C) of a flat correction. One more decline should complete wave (C). I don't follow the DAX, but I'd expect something similar.
Hey Justy, good to have your opinion, I really appreciate it :-)... I was thinking about the flat scenario as well but I looks to me like 5 waves up in the last move up which I marked with wave 5. Would you disagree? And a flat should be a 3-3-5 right? So I am really confused on this one ...would you label the longterm chart different than I did here?
Sorry for the poor quality but this is all I can find for longterm...
Could you please post your longterm DOW as well ?
Many thanks
Whity
Last edited by White-Fang; 02-15-2009 at 11:38 AM..
Hey Justy, good to have your opinion, I really appreciate it :-)... I was thinking about the flat scenario as well but I looks to me like 5 waves up in the last move up which I marked with wave 5. Would you disagree? And a flat should be a 3-3-5 right? So I am really confused on this one ...would you label the longterm chart different than I did here?
Sorry for the poor quality but this is all I can find for longterm...
Could you please post your longterm DOW as well ?
Many thanks
Whity
The way you labeled your chart looks fine.
Here are charts of the DOW and NASDAQ. I think the American stock indexes are in their final legs of larger corrective patterns that began back in 2000.
With the wave (3) decline being extended, it's possible that a flat correction is in the works. So be aware of the possibility of a new low below 1.35 before any rally gets going.
Of course it's also possible that a triangle or any other type of correction is forming, but a flat seems likely given the extended third wave.
Looks like the Pound is going to open with a 150 pip gap to the downside. I just saw a recent quote of 1.4229 ( the high on the weekend was 1.4417). Considering the count we left off at on Friday, it looks like it has already retraced for wave 2 and is now in wave 3 of C? I really hate when the train leaves the station without you!
here is the shortterm outlook for the usdjpy.. unfortunately i cant stay up to catch it during the asian session, it will have time to resolve itself until tommorow morning.. i think it will result in a shooting star around that level, it will not be able to close above 92,5 due to various extensions..
diver, this is friday`s sp500 fall.. to me it is very clearly in 5 waves.
in addition i had a delta 1 high above it.. well.. i am trading accordingly..
also the euro looks atm as if it had a failure at 1,293.. run for cover if it breaks 1,27!
In situations like these, where we open with a gap, what are the odds that the gap gets filled?
the odds are the same for any other trade set-up you can think of There is no difference in your chances ..........
They key is to use the money management parameters
that you have set for your -self , so that when you see
a trade set-up that you like , you then apply it
--------------------------------- -------------------------------------
You Win some ............. You Lose some ............
Over all ,
It all comes down to your Averages ....
Last edited by marketwavez2; 02-15-2009 at 05:41 PM..
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...would you label the longterm chart different than I did here? 
