My count still differs in that 6/3 is wave a of 2 and a 5-wave advance beyond 10,315 will complete wave c and wave 2. I1 rising next week affirms this count as highest probability, just as I1 affirmed wave 1 on 5/25 as highest probability.
Looking at the abc advance for the DJI:
SPX is advancing in a series of 3-waves, but Nasdaq is in the same count as DJI but has just completed it's 3rd wave of c.
I don't want to go long at these levels because I1 is not on a buy signal and the market is at 220-day resistance. I don't want to go short either because I1 is rising. Perfect fishing weather. What would cause me to go short earlier than 6/21? DJI at 10,460 is key resistance in my book. It satisfies price retracement better and is a weekly M/A hotspot. The equivalent level in XMI is 1150 and is even hotter. I'll use XMI. On the downside my old standby, the 5-minute, 380-unit M/A of DJI -1.25% will pull the pole from my hands. I don't want to short commodities until stocks have run their course.
Enjoy your weekend.
Steve
ReplyDeleteWould that be going below 9940 DJI, and why do you use that particular measurement?
As a trader I like to stay with the daily trend. The shortest M/A that I monitor is 5-6 day. It's more accurately carried in that 5-minute M/A. Most investors and traders don't give enough leeway for moving averages to work, or they "hurry" them with exponential and other computational gimmicks. I give M/As the amount of head that they need to ride in their natural state. This M/A will advance rapidly enough as the days wear on.
ReplyDeleteSteve
ReplyDeleteI was looking at the I1 numbers you posted on 6/6. I like looking at I1 this way. How are these numbers lining up to today. If I am reading this right, we should get a rally Monday 6/21 in the morning and after that would be the point to put on the short positions. It looks like we should see a good rally next week before we go down and set new lows by 7/1. Two more waves up. Do I understand this correctly? The economic numbers that will be coming out next week on the contrary will not look good, especially the housing. I am close to the housing numbers being I am in the industry and I know they will be ugly.
Steve, as always thanks for the insights, following I1 closely and it is a great tool, everything else takes a backseat. Having any luck on the fishing? Enjoy.
ReplyDeleteI'll include the I1 data today. I'll also update the wave count picture. Housing is an ugly thing, ain't it?
ReplyDeleteCJ,
ReplyDeleteIt's the process that counts. That's how we build fishing prowess over a lifetime. Not many bites...
Sorry, meant DJD. Thanks for the comment.
ReplyDelete