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Dow Poised for 900 More Points

By: Rick Ackerman, Rick's Picks

 -- Published: Thursday, 10 November 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/11/Your-road-map-for-trading.jpg

The chart included with yesterday’s DJIA tout showed a big-picture pattern going back to early 2016 that projects to as high as 19727. This one, tracing back to early July, points to a somewhat less ambitious target at 19489.  It is more suitable for trading because Hidden Pivot levels x, p and p2 are closer together, yielding theoretically lower-risk ‘mechanical’ entries from any of the three levels.  It has also been loosely confirmed by an intraday high on Wednesday at 18650 that fell within spitting distance of the 18686 midpoint pivot. The Indoos will have to breach it decisively to become and odds on shot for a run-up to 19489, so we’ll wait and see what happens before we look for opportunities. Stay tuned to the chat room for guidance in real time, since the any trades will require interpolating the various levels using DIA. A possible play might involve, for instance, legging into a vertical call spread pegged to the 195 strike once 186 has been exceeded. If you don’t subscribe, you can access the chat room and all of Rick's trading 'touts' instantly by clicking here for a no-risk, two-week trial subscription.


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 -- Published: Thursday, 10 November 2016 | E-Mail  | Print  | Source: GoldSeek.com

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