Disclaimer

Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Wednesday 1 October 2014

#dax $dax

Looks like price softened overnight, so glad I went flat into the close. Yesterday was an inside day, so I am expecting attempts at the high & low to force a decision. Notwithstanding the oversold conditions on Friday, Monday, a look at MyWaves on the 90min & 4hr charts suggest little has changed thus far. Those bearish waves are the same on the 8hr, daily & weekly timeframes to varying degrees. What is worth bearing in mind is that the stochastics were working yesterday, picking wave tops and bottoms very well. This usually only happens during corrective phases, so I am open to that Monthly Pivot at 9324 & 61.8% retracement line at 9278 being the targets that might get this market moving up again. Will try & wait for the market to show me the way this morning, but selling corrective strength may be safer given these MyWave formations.


 
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