DJI -Daily
Let's cut it short. We see that the index reversed as i mentioned on friday. although job data was good.it meant nothing.seriously.nothing. I don't trade on news or do i anticipate for news. Look at the headlines when there is a 140 pt plunge in the market. The news say that people are worried about the election,thus the sell down?I believe next few days if there is a rally of 100+ pts again, the news might be the other way around, people are anticipating the result of the election positively. To me these news are to make you clueless how to invest/trade and makes on do silly things. Alright, that wasn't too short,haha. Okay back to the topic.
Resistance and support
R1= 13300-13360
R2=13560
S1=13060
S2=12820
To me, if you have shorted, look at 13000 to break and go lower.
Waveform: As of friday, the down wave have already captured the 38.6% of the diagonal triangle (wave 5 up since June 2012).
Wave B is currently in progression and i would like to see the target of 13360 to be reached before a U turn to form another 5 wave down Wave C.
Right now i dont think there is a bull or bear obvious winner but I would say that it is a struggle of the two. 13000 is not breached for bears(support for now) and 13360 is not breached for the bulls (resistance). Wait for monday. :)
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