4 replies to this topic

[Douglas]

Well, what a difference a day makes.  The plot below shows some potential downside targets for the DJIA if a top of some importance is in.  Targets shown are gaps, Fibonacci retracements and a moving average with multiple pivot hits.  Roughly the targets are nice round numbers, 40000, 39500, 38000, 37000, 36000, 34500, 33500 and 32500 depending on your bearish bent. 

 

Of course, I do realize that if Pumper Powell so much as sniffs a bear, he'll let loose the hounds of funny money to keep his market buddies safely in the hunt.  Also my EWave count in red expects a higher high to complete wave "5" probably only closing the upper gap just above 40000 if even that.  As always, time will tell the tale. 

 

 

 

Regards,

Douglas

[steadyquest]

[Douglas]

steadyquest, looking back a bit further, it's obvious that Walmart is rising parabolically.  A cotton picking retailer, in front of an economic slowdown has a P/E of more than 40 like an internet stock!  How much made  overseas, fall apart in a week crap will people have to buy to justify this.  Crazy.

 

 

Regards,

Douglas

Edited by Douglas, 04 September 2024 - 12:36 PM.

[steadyquest]

Yes - it even looks a bit parabolic on a log chart.  Imagine what will happen when the missiles start flying in the Taiwan Strait (as will happen if Trump loses - jmho).

If this is 'the' count then we could be at an important top - but I doubt it.

[Douglas]

The DJIA reversed up hard when it reached the first gap closing target just above 40,000 DJIA today, maybe, just maybe ending the "b" wave noted above.  This gap fill ~40,000 target is also close to the 50% retracement of the August up move as shown below.  

 

 

Regards,

Douglas