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Double bottom on the DOW

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Wizard
Super Contributor
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24 REPLIES 24
kwagga
Super Contributor
Where do you get a double bottom from? MACD, RSI all negative and moving down. MA 7 and 21 crossed. We might see two or three possitive days before sell off continues in my books.I'd rather be carefull than irresponsible. omo
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Wizard
Super Contributor
If Eur-Usd goes under the 200EMA then the selling will continue.but I think there will be a pause here.
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saash
Super Contributor
So the dollar is bottoming, is what you're saying ....?
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Not applicable
Those Bernanke puppets >> Dow,SPX, Nasdaq Indexes are seeing a little stress as price dips below the 20-day MA.The 20-day line is horizontal ( equal Bull/bear fight.)However Support is there for the Bulls.And still holding.#### Interestingly, the Russell 2000 and Semiconductors Index are still above/at that MA. 1161 support is the 'special number' on the S&P500.It must hold....or things get oopsy.Now at 1180.73..between a Big Show and a Ray Mysterio 619...anybody watch WWE wrestling ? Yes, I do,sometimes.(blush).But my old favourites Kurt Angle and Chris Benoit are gone now.These new freaks,they're scary and on drugs and stuff.Even the Girls are eerie as their bodies move but certain bodyparts stay fixed.How do they do that ?.....anyway,back to mkts.
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Wizard
Super Contributor
Yes. The Irish deal has been done...so there is the fundamental to support it as well
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Rams
Super Contributor
Possible wave 4 now , if closes below 10896 and then turns, will confirm wave 4. I will wait for wave 4 confirmation before going long. Same pattern for AGL. My strategy based on a possible short-term downside and then probable continutaion of the bull trend....
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Not applicable
Yup.There's more upside after this downdraft.Surf those Waves like Elliott>> " Where do you go in Africa in Wintertime,bro ?.....Jeffrey's Bay and the Point." ###That's right.
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Russ
Super Contributor
Zarp,I enjoy your posts-very colourful!
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Rams
Super Contributor
About the girls moving,The body parts that don't move made of plastic?Or maybe, they are actually men with plastic body parts..
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Not applicable
Howzit Russ ! still waiting at the AMS starting-gate R650.You ?## Rams, you may be onto something(heh).All I know is,I watch the Fans. Reminds me of Rome and the Circus Maximus.I doubt any in that crowd know what a PE ratio is."They jus wun theaa Ennnertainment.Yahoo !"### John Cena is my Favourite now.Biggest Bombs(natural arms) I've ever seen on a Biped.
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Maddog
Regular Contributor
Hey Zarp is that really you ..........its sounds like you or are you just another alian in Zarps body????????
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Not applicable
Hi Maddog...Zarp 2.0(heh)
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CHATTYCHAT
Super Contributor
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Not applicable
Double bottom's, head & shoulders, etc are all only reliable when the neck line is broken - i.e. when the pattern is confirmed - or so the conventional trading wisdom grows. You should always expect some kind of resistance at previous lows. Think of it this way - On the 17th, lows were reached on the dow. Then we pull back. On the 23rd, the same lows were reached and all those still holding short positions prior to the 17th, see a new opportunity to exit. So most likely, the rally yesterday was short covering. A strong close above 11200 during us day trading, to me would indicate a long entry. More importantly, on our own front, rand is weakening, metals prices are consolidating, so I would still not be betting on much more of a correction. The market, in my opinion has brushed off the Eurozone debt issues like it was a fly. Now let me make my point as clear as possible, I am not saying we won't have more downside - probably we will, I am simply saying I wouldn't bet it.
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Rams
Super Contributor
I agree , must wait for confimation.Anyway, why do we trade JSE when the US markets dictates its course. Does anybody trade the JSE without actively looking at the DOW, S&P or Nasdaq?
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Not applicable
Rams i see u also using elliot wave counts.What is your expected move next for the dow or sp500.
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SimonPB
Valued Contributor
because the US does not dictate the course of the JSE .. check the actual correlation squared, it's not there ..
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Shadow_W
Occasional Contributor
But hasnt the correlation in recent times been higher than the historical figures??
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SimonPB
Valued Contributor
have youu crunched the numbers ??
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