Wednesday, June 09, 2010

June 9th Dow Intraday report (UPDATE)

AS you can see from the chart above, the Intraday chart is showing the next move is down on the Dow. So if you are going to sell into the rally, now is the time. As you can see the first red line showed the Dow should go up as the "W" pattern slanted upward. The second red line shows the slant pointing down. Now the Dow did drop below the "W", but we may be forming another "W". Watch to see if this happens as the market would then go lower again.

Ok, the chart above of the Dow intraday shows clearly the Dow went down from the previous entry. You can see that for every "W" pattern today, and there were 4, if the slant of the red line was up, immediately after the "W" the Dow went up. Conversely, if the slant was down, the Dow went down. This is true about 95% of the time. So when I said it was time to sell in my comment in the previous paragraph, it was the right time to sell. I took advantage of my own prediction and sold some shares of stocks that I wanted to unload and raise more cash for buying Options. Stay tuned!

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