Fog settles over the Dow

The Dow is painting a tricky picture in the charts. John C Burford uses his trading methods to weigh up his options.

Today, I will cover the Dow partly because I haven't done so for a while and also because there are some interesting alternative chart patterns forming. I still have the problem of deciding which wave count will prevail from the several equally-plausible options presented today.

For some time, I have not had a firm view on direction because of competing wave counts. This is the most bullish long-term count I have:

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.