Nov 24, 2009

DJIA - wave count





According to my count,  all short term bullish positioned traders should cover their positions.
I will cover my point of view  with some examples.
First one  shows my count, i changed at the last moment yesterday.

                             


Second one hsows how low is the daily volume. If tomorrows sessions make similar or lower volume, we should expect dropping  down shortly.
                             


The third chart shows us how the price has reached 50% of Fibonacci retracement of all downside move since October 2007.


On fourth  chart we see that wave (W) is equal to wave (Y) by size.


After all charts i can not confirm beginning of Primary wave 3, because i want to see more confirmations about it. But i think we have to expect short term bearish movement and want to see will  the support levels   resist i pointed. Later today i intend to post few more charts for European market probably , so be in touch.
Good luck!



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