Hi TonyJust a couple of thoughts using PnF

Hi Tony

Just a couple of thoughts using PnF charts

1) Using a 1% scale ( my default ) the DJIA reversed into O’s yesterday – the first time since 11/23/12

2) The DX/Y got hammered yesterday but is @ serious resistance, it can go to 80.95 but that is about it

3) It appears that the correlation between DX/Y,CD/Y and the markets is no more after a very long run with very good accuracy.

4) I feel that for Major wave 3 to end we will have to get a sell signal on the SPX which won’t happen until 1530 is breached.

I use PnF charts as it is easier to count the waves for me, I just adjust the scales up or down to find the smaller and larger waves.

Best to you and your followers

Dave

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Aside | Posted on by | Leave a comment

interesting for tomorrow

http://www.cnn.com/2011/BUSINESS/08/07/global.markets.reaction/index.html?hpt=hp_t1

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