DOW update 24.9.17
My last trade idea for the DOW did not play out as planned, but the one before that did. Watch the current development here:
This is what I projected a few weeks ago:
The 23000 mark could easily be overrun, because there is a strong weekly resistance at 23300 which is very close by:
So my next target for the DOW is 23000. Anything above that is bonus. 23300 would be the perfect target for a big retrace. And I mean BIG, like 2000-3000P big.
If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
I believe the DOW, SPX and NDX are set for a parabolic phase of their rise. SPX 3,500 could be attained. This last rise will be from a piercing of the upper trend line as shown below, and then to fall back inside it and thus initiate the sizable correction. My timeframe is maybe 6-9 months. October could bring minor correction, but still, my view of a parabolic rise for SPX to 3,500 would not be invalidated.
Why do you think that such a big correction is going to happen? SPX below 500 would mean the dollar is gone and the euro is gone too. The complete money sytem would collapse in such an event... It is to think the unthinkable.
I am not buying that, until there are more definate signs for it.
From a TA perspective, it's a broadening pattern and counts as A,B,C,D,E.
I don't think it'll be that bad. FIAT deflation will simply get rid of bad debt through defaults. I think the Treasury can service national debts of $100 Trillion. As to what will cause it? I don't know. Elliott Waves states that a news or an event shall arrive to justify the forecast.
Maybe, this could open the doors for Bitcoin and Altcoins as a means of legitimized currency? Who knows!
I think Gold/Silver could then gain traction once the DOW/SPX start their E Wave Down.
post was resteemed by @wayforhappiness