http://www.etftrends.com/forum/ Keeping a grip on exchange-traded funds (ETFs) en Sat, 26 May 2012 14:49:30 +0000 http://www.etftrends.com/forum/topic/dia#post-325 Thu, 28 Jan 2010 14:50:03 +0000 craig7 325@http://www.etftrends.com/forum/ <p>It looks like DIA will need one more stab lower tomorrow or Monday to complete the first leg down. Right now we have 10 waves down when viewing a 15-minute chart. Impulsive waves have either 5, 9, or 13 waves. Corrective waves have either 3, 7, or 11 waves. Since we only have 10 down, we then need one more up-down move. We probably had the up move at the end of the trading day today, therefore, we only need one more push to lower lows. After that, we should have a multiple day corrective bounce into next week. </p> http://www.etftrends.com/forum/topic/dia#post-324 Thu, 28 Jan 2010 10:03:41 +0000 craig7 324@http://www.etftrends.com/forum/ <p>DIA and the other major indexes apparently needed one more push lower to complete the first major leg down. The Elliott Wave count of the price action from 1/25/10 through 1/27/10 appears to be an expanding triangle, therefore indicating one more push down. </p> <p>Looking at a 5-minute chart, it looks as if the push needed is potentially complete. I can count nine waves down even though one is very small in the middle of the decline. Nine waves is an impulsive wave. We could see one more up-down move to a lower low if I am not suppose to count that small wave. We will see what the market will do in the last three hours of trading. Another sign that the bottoming process is complete will be a small five waves up. </p> http://www.etftrends.com/forum/topic/dia#post-321 Wed, 27 Jan 2010 15:42:44 +0000 craig7 321@http://www.etftrends.com/forum/ <p>It appears that the major indexes have started the change in trend. DIA has fallen through the congestion area of November and December price action. It seems to be settling or even a bounce off the November highs. There will be an opportunity to enter a short sell in the next couple of days. We will have to be patient here and wait for the most opportune time.</p> <p>The price action has moved down in an impulsive fashion indicating that the main trend down is now resuming. The Elliott Wave pattern seems to be complete for the first wave down. Now we should see a multiple day corrective pattern that will retrace some of the recent decline. Whether the multiple days is two or four days is not known, however, I will watch the wave count closely to determine the best possible point of a complete corrective pattern.</p> <p>I can give you an idea of were the correction will end by using Fibonacci retracement levels and resistance levels. The price has already retraced the 23.6% level with the close of today. The most congested area in the recent decline is between the 38.2% and 50% levels. The 50% retracement level is also near the wave four high of 1/21/10. I must also tell you that the fifth wave is an extended wave and the 38.2% level is just above the fourth wave of the extended fifth wave.</p> <p>How much time will it take? Using Fibonacci Time Extension, we can see that the 38.2% time extension is 1/29/10 and the 61.8% is 2/1/09, next Tuesday. </p> <p>Where will the next leg down take the price? My first target is the 11/2/09 low. That also coincides with a major horizontal support line. It is possible to see the price drop to the 10/2/09 low. That level is near the potential 161.8% extension of wave 1, ultimately depending upon where wave 2 ends.</p> <p><a href="http://www.etf-technical-analysis.com/dia.html" rel="nofollow">http://www.etf-technical-analysis.com/dia.html</a> </p>