DOW

I too think it will overshoot it's high as it seems every man and his dog is waiting to short at this level.

I will bet small on first attempt and see how it plays out.

yep and guess where my inv h&s target on the daily take the dow to ?

14200 ish.

will pop a chart later on.

screencast.com/t/kQtaOqzda3




So, where will it turn??

Equal legs from the low at 10404 and it could run all the way up to 14,969; 76.4% would see it to 14,277.
If we are looking for an expansion from the wave (A) from 12,035 then 100% brings us to 14,098, very close to the all-time high?
The best scenario? For me, maybe wait for 5 swings back on the 15minute chart before getting involved: catching this top could burn the fingers and it has a long way to fall.....

I'm also pretty sure, given the recent strength of the market and the importance and widely known nature of this level (plus the fact that it's only the Dow's all time high, not the S&P500's or the FTSE's), that there'll be some stop loss hunting.

It could overshoot by quite a few pips.

You're not alone remo though I'm going to be disciplined and not get carried away.

I've been reading Market Wizards by Jack Schwager recently. IIRC Paul Tudor Jones was short 2000 full S&P contracts when the US opened on Monday 19th Oct 1987 By the end of the day he had closed and was long.

I think I'll probably go in a bit smaller than that LOLOL!

The dow is only 250 points away from the best shorting zone possible
This is my count down
Im actually waiting patiently for that level to get hit so i can short it back down to the bottom of the ocean. Obviously i will be using my 40 point stops during market hours only.
This is one trade that im looking forward to.
Knowing my luck it will bail me out then smile at me and show the 2 fingers up at me. and then drop back down then back up to suck in more people then yoyo around then drop.
If its the real deal it should reverse fast of this zone.