Hi, these are just ideas not recommendations, sometimes I trade my ideas, sometimes I don’t.
Always remember, yours is the responsibility for your trades,
Good luck,

Sunday, February 19, 2012

Dow Jones - Basic Materials

Some Ellioticians have called the 2009 low a generational bottom and open the possibility that the Dow is in an expanded flat formation.

Wave B could be 1.236 or 1.382 of A in an expanded flat, with a target for B at 13292 or 13590. B should stop near 13600 for this being true.

Of the Dow groups, Basic materials looks the weakest with the likelihood of B wave already ended. My stop for this week is at 283.16, any daily close below this level is a strong signal of a change of trend.

30 minutes Basic materials already in a downtrend

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