DOW

any move abv yesterdays high (tagged the top end of the channel and broke down) then this wave will start to look impulsive...a break down below 187>157 > *15110/80* > 15030 then almost certain wave B completed at the recent highs... should 15157/110 area hold and bounce then that will setup the right shoulder.... key level.

should the inv H&S form and play out then target is approx 15500+

assuming wave B = 15300 close to 61.8% retracement from lows.
on WAVE A = WAVE C = 14600

dl.dropboxusercontent.com/u/40497882/dow_channel_Jun11.JPG

rgds WS

Amo wrote: Hi Jackozy,

Would it be more likely this is a wave B based on the 5 waves prior to this? If its a wave 1 does that mean the waves are starting again and what would that make the wave down just before this one?

Thanks
Amo

Hi Amo,

Here are your options:



dl.dropboxusercontent.com/u/20815047/Dowhourly.gif

I mentioned 15278 in our chat the other day so I went short there but I've just closed it at 15180. Will wait and see now....

Cheers

.....possibly wave ((a))now complete.

Futures just hit the channel support:



dl.dropboxusercontent.com/u/20815047/Dowchannel.png

Bull flag?

Wave Surfer, why do you always base your wave projections on the 4 hr charts?
Thanks.

not always, just find the 4hour useful for swings and detecting signs of possible reversals...filter out noise seen on smaller time frames, also been trading this channel on the 4hr for quite some time now and it's served me well - morph through all timeframes generally... ... in the meantime a 15110 just hit in futures - be interesting the types of candle form at this level in various time frames....... cheers WS

Traderme wrote: Wave Surfer, why do you always base your wave projections on the 4 hr charts?
Thanks.