DOW

For me , we are in wave 5 primary on dow and this is coming to an end soon so be very careful with new longs.
Ive roughly got the high for the wave 5 to end around 21733 area so roughly around 1000 points from current level on dow. Ive posted a very simple chart below to show the count as its the monthly chart as you can see its been one heck of a bull market and we need a big correction. My target is based of the wave 1 as wave 5 cant be the biggest wave so likely to be around similar size to wave 1 . So cant see this going past 22000.
Please dont ask me for the exact count as i remember giving everyone a headache last time around when we did the elliott thing back in 2009 in our private discussion board and also in the early days of our website. The good old days.


dl.dropboxusercontent.com/u/4899609/elliott%20wave%20dow.png

Agree and certainly not suggesting any shorting but Dow, S&P500 and Russells 2000 are all showing RSI and MACD divergence on daily. Nasdaq is the only major US index not showing this on the daily but all show divergence on the monthly.

The run up from the 2009 low has been incredible.

Resistance on the dow currently at 21100 so that is certainly a shorting point.

When the trend does reverse it will be quick and fast IMO. First stop for Dow will be 19200 area.

I would not short the dow based on guessing. You have to wait for a 123 high formation before attempting any shorts currently. The reason for this is , its got no resistances above currently so you cannot do any shorts.
Shorts are done from resistance levels so the odds are in your favour.
So best to wait for a better signal to form.



dl.dropboxusercontent.com/u/4899609/dow19thfeb2017.png

I would be very interested to hear Remo's view. I cant see what will change the trend. I have been burnt on a no. of post 20k shorts which was really quite stupid..

DOW is not showing any sign of weakness.
Attached are 2 charts suggesting that the uptrend is strong, the 10 MA looks like very strong support.
Please feel free to comment.
Thank you.
DYOR, GL...