Check out our Portfolio
Newsletter

Dave’s Weekly Analysis (Nov. 19, 2024)

Summary

Background: The DOW 30 has been declining over the past five trading days. This is after an historic rally post election. Barchart’s opinion based on their thirteen indicators is 40% buy.

News this morning of Russia changing their first strike nuclear criteria seems to have spooked  the markets.

This appears to be setting up a good buying opportunity for a swing trade.

Analysis:

  • My Elliott wave count shows the current short term decline from 11/11/2024 is a correct zigzag wave retracing the impulse move from 11/4/2024 to 11/11/2024. The hourly chart implies the correction down is nearly complete; possibly today. So I expect a tradable rally for a swing trade.

 

  • My Gann Slope lines based on the squaring of time and price agree with the Elliott wave count.

 

  • The daily wave pattern indicates a low likely today.

 

  • The RSI(2) is oversold.

 

As usual require price confirmation and buy to enter with a stop order.

Recommendation:

 

Buy the December Micro Dow Jones 30  at 43146 stop for 11/19/2024.

For managing the trade after entry, check out my trading philosophy for futures on this website.

 

Happy Trading,

Dave Register

CTA

About the Author

Dave Register is ExitPoint’s primary developer and creator of the original ExitPoints systems. With a masters in both Physics and Statistics, over 50 years of experience in management information systems and designing AI systems to accurately predict futures market trading, Dave is a respected member of the trading community. His passion for predicting market trends is both personal and professional, a primary interest that he enjoys sharing with others.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Risk Disclosure:

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and onlythose with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

​

Hypothetical Performance Disclosure:

Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

Trading

Company

Newsletter