Since not everybody here might be interested in such "exotic" market as Warsaw Stock Exchange I decided to start a seperate topic on it outside the regular trading discussions.

quote:

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Originally posted by mreiserer

It's been a one-way street for more than six months. Eventually that will end

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Harare Stock Exchange grew relentlessly for years without any meaningful correction. Hopefully we are not following this path here ...

They wipe their asses with 10,000 Zimbabwe Dollar bills over there, because that's how much one sheet of toilet paper costs.

I think the possibility is growing that old Laszlo will be right, and we'll see new all-time highs and much higher, and go 5+ years without a 10% correction. Cool. Should make for some easy money for all of us. As I mentioned, though, the downside will be all those theoretical millions we might make, well, they might buy us one loaf of bread...

Zimbabwe's highest note is the 100 trillion dollar note. Seriously. You can buy real ones on eBay for like $7.

On the other hand, think of this. All the other exchanges will go up on par with us, like Europe. But as our dollar heads to zero, the Euro heads to 2, 3, 5, 10, and then up from there. Imagine, a strong currency and a skyrocketing market. So, if one just gets on the European side i.e. get into Euros and European stocks, then you'd get the double punch up, right? Add in some gold here at over $1,100 an ounce, and what a plan. No, this is not advice or a recommendation, more just some satire about our world.

Talking about gold there is Roofer's The Trade setup on daily so it might rest from growing for at least couple of days:

Time to come back to the main subject of this topic. Here is the aftermath of the failed setup from yesterday. Today we completed very nice Kane ABCD right at the line from a well established ML set:



We may draw an interesting conclusion from almost vertical move to the upper ML today - it may be the result of Roofer's "rushing to the dance flor". Our market is closed tomorrow (public holiday) so if other markets are going to make a turn later today or tomorrow, we had less time to reach the target objective and hence the vertical move. We will see...

We have a nice The Trade setup on FW20:





It's almost identical to Roofer's SPY setup from Friday morning. This one is however on much higher timeframe suggesting much bigger potential drop.

It looks like the dancing around the Schiff ML we had in the last couple of days was a classic W2 Kane 4PT:



If it plays out then we might expect a move down to at least Roofer's green line.
If not then it'll be a big clue to where this thing is headed in the near future.

Can you update this chart for us, jarek?

I want to mention that the WSE might be the most harmonic thing I have seen to date. If it's not the most, it's in the top handful. I'm not sure why that is, but jarek mentioned to me perhaps it's because it isn't manipulated near as much as the things we usually follow. That may be.

Very interestingly we have quite amazing similarity between the medium term picture of Warsaw futures and ES:



Same drop used to anchor the set, same way of anchoring, second ABCD in a row finished at exactly the same line...