DOW

And if somehow we make new high like Nasdaq did then its most likely going to be wave 3 of 3 of grand supercycle, probably most powerful wave ever

On smaller time frame if it is wave 4 then i'll be looking for its most basic pattern, like on the chart below(also other shapes are possible), we will have a big clue around 24900 area if reached, according to ewt rules wave 4 can not overlap wave 1 therefore very strong support at this level, but its Dow and can do anything so pls dyor, it's just my ideas

If we about to go all the way down then something like this may be seen

Interesting development here, but this could be a simple range-bound pullback (energy), before giving another high a go.

I'd like to see the Dow (obviously the SPX too!) retreat further say, south of 25,840 before I'd say that a correction is in place.

See how we're all coming up with different numbers

The anticipated top (Fib 100%) may be stalled by the fact that everyone was expecting it to happen as a formality.

Now, the market is forward thinking obviously, so they aren't too bothered with what's happening now. However, what's happening now could set the tone for what might happen later:

1. Inequality protests and riots may a) create the envirnoment for a second wave, and b) impact consumer and desire / confidence (not just from covid, but from CS gas or a brick to the head - anything is possible); c) speaking of consumre confidence, how long is the Treasury and Fed going to keep paying "wages" for the soon to be unemployed?

2. Chairman Mao, excuse me, Chairman Powell, said that we'll have zero rates until 2023, that means forever, which could be mean asset bubbles - but market forces will tell you that you can't inflate insolvent and bankrupt companies forever (or who knows right!)

3. Upcoming US Elections vs International Relations - Tried gaming this one, and decided to have a lie down as my head really hurt (or maybe that just a horse or tear gas can or a brick that hit me!)

Irrational exuberance & Moral Hazard - may be terms that we be heard more frequently.... Hell, maybe they need to be redefined when kids with a gambling tendency are buying Bankrupt shares like Hertz using fractional facilities offered by brokers (book-keepers) - when sports come back, that money could find another place

Be safe people - we're all watching this move closely to see if it's genuine or simply profit taking / coiling the spring before the next move up.

I see two scenarios from here, as remo was saying dow can visit high again then we are in wave 4 now and one more push higher can happen before larger correction,




already at 23% fib

if its wave for then similar pattern can occur

Wow... huge gap down down looks on today....
Watch 26383 for a island reversal....

If it does happen then it’s clear technical signal for further downside imvho....

atb
Trendfriend

dow- daily next targets on this chart
uk.advfn.com/p.php?pid=chartscreenshotsh...ru3L1a95SoA9zfTzI%3D

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...XuvF1jIWnD6oX7PxM%3D

can see from here when the rsi goes 70 or above we get a decent p/b.
not in this atm....but this should be a small p/b to let the overheated rsi cool off a tad....before more pump upwards imvho....

atb, wdik, dyor,
trendfriend