Here’s the cheat sheet I will be using for my trades Sept 9 – 13, 2019

Posted by professor  at September 11th, 2019

Here’s the cheat sheet I will be using for my trades next week:  

1. Dow:  Working on final wave ‘C’ of Wave 2 up. May need one more rally to complete Wave 2 up.  If the Dow only has a small drop early in week, it’s likely wave ‘b’ down of ‘C’ up.  If this is the case, look for final rally to complete later in week.  Otherwise, look for impulsive decline.  Start of Wave 3 down MUST be impulsive.  If not, it’s probably part of Wave ‘C’ up.  First target for impulsive decline likely near the 24,700 level.  Eventual target near 21,700.

2. NASDAQ-100:  Could rally to 7,900 before falling. NDX has developed a negative Hockey Stick Pattern with 7,550 as support.  A break of 7,550 would confirm Wave 3 down is underway with initial target near 7,200 then below 5,800. 

3. SPX:  Small rally to 3,028 is possible; then significantly lower.  Wave 1 of 3 down should take SPX close to 2,820 level.

4. Russell:  Lower toward 1,420 to 1,430. Short on bounce.

5.Trannies (IYT):  Could have topped on Friday.  Next move should be down to test 175 level. If 175 doesn’t hold…it will be a long way down.  Look to short transportation stocks.

6. Gold: Currently at 1,515. Eventual target above 1,600-1,650, but metal needs to pullback in Wave 4 down before next rally leg begins.  Wave 4 target for GLD is near 137 level.  Entry near 137 should make for nice trade of Wave 5 up.   HUI could pull back to 200-210 level before rising,

7. Crude Oil: Still stuck in triangle. WTIC should trade down to 48 on current leg down, then rally to 56.  Look for short-term trade if signal turns Negative.

8. Dollar: Still on positive signal.  If $ signal turns negative, Dollar should fall from 98+ to 96 over next few months, then rally back to 102+.  Not much of a trade here.

9. Bonds: Topping. Look to buy TBT when it appears on Dean’s List to trade minor wave 4 down. Short-term trade only as Bonds still have one more leg up to complete pattern.  Look for choppy trading in Bonds during next few months.

10. Europe: Short Europe with EPV on any rally. Currently at 31.68, HS Pattern suggests move to 36-37. Same for Emerging Markets with EEV. Target near 52-53.