DOW

early stage of minor wave 3 on intV of major 3......so plenty of upside to go imo.

update chart.




dl.dropboxusercontent.com/u/40497882/dow_1hrWaves_6July.JPG

WaveSurfer wrote: personal view point is dow has made an intwave 4 bottom and now intV of Major 3 of Primary 3 in progress.

dl.dropboxusercontent.com/u/40497882/dow_1hrWaves_4July.JPG

Rgds WS

WaveSurfer wrote: Dow futures hit within a few pips to the target initial target level 14848, if this level gets smashed through then 870 /900 next up.

WaveSurfer wrote: If the dow can continue to at least rally to 14900+ or spx 1604 then likely the low has been put in and will likly confirm a wave iv low @549

Watch >590 >652 > 680 > 714 > 752/4 > 848 area on Dow today...

cheers WS

dl.dropboxusercontent.com/u/7238706/DJ%20INDUSTRIAL%20AVG.png

An alternate ....

Just a word of warning.. Not saying this will happen. Hope it bursts thru 15,200 without stopping

Sorry, this text missed off last post.....


I'm not sure this has retraced fully as it didn't quite reach 38.2 fib at 14,527. The target should be 50%. There is a chance this will retrace from the trendline, circa 15,190 - 15,200 and drop back to 14,200ish. Action at the trend will be defining...

Ok, please bear with me on this on, and be gentle.

For the last 2 nights I have been busting my balls with possible EWT counts for the DOW.

I had one last night that looked valid to me, however, in hindsight, I wasn't thinking about moves within moves, or primary/Cycle moves more to the point.

I was directed to go look again and come up with alternative counts. I frustrated myself because I couldn't look past my own bias - but I came in fresh tonight and had a look again. This is what I came up with.

If I am right, I believe we are currently in a sub wave 5 of a primary wave 3 - to be even more specific, I think we are in a minor wave 3 of a subwave 5 of a primary wave 3 if I understand it the way i think I do at the moment. You can see the minor wave on the Daily chart.

Now I know I could be wrong with the titles of primary/subwave/minor wave - but try to bear with me and understand the point im making is relevant. But if you can tell me the real titles, that would be great.

The only rules I use when looking at EWT are the 3 hard rules, being:

1.Wave 2 must not retrace more than 100% of wave 1

2.Wave 3 must not be the shortest wave

3.Wave 4 must not enter the zone of wave 1





Anyway, thought I would share here and see if I am on the right track. Looking at it, I feel confident it all fits - but as always, would love some feedback.

If it is indeed a correct count, I am honestly starting to see the power of EWT. Especially in moves that may seem frustrating to an inexperienced trader - having a look at the bigger picture, before scaling down can really really help to understand price action.

GC - as discussed on chat - here you go high level waves.....NO OVERLAP.

the Power of 3

current count Minor 3 of intV of Major 3 of PIII





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

rgds WS

Good old Boom Boom Ben - he must have seen the continuation dojis on FTSE, Dow and S&P before deciding what to say - it fitted the tea leaves perfectly!

Up to 542/557 level before a test of the 340/8 breakout and doji top now?