DOW

If this does finish below the trend line then look to enter long at 13000 as thats where the 38.2 fib level is.Its bang on that level.
Obviously im long currently but just pointing out a key level to you guys


dl.dropbox.com/u/4899609/dow13dec.png
DYOR

Ive gone long on this from the first touch of the trend line with a 40 point stop.
This could be a risky trade thou due to the previous candle. Im currently in profit but only just.This was a first touch basis trade.
If this does finish below the trend line then a bigger correction will follow. This may then test the 13000 level.




DYOR
remo

OK this is what I am seeing on DOW

clip2net.com/s/2BnpW

Plenty of support around the 13000 with fibs, resistance and support turn to resistance.
If looked at on the hourly even more support

RMc

yesterday i shorted the dow at this point,13290. Made a nice profit.
Today i wont be doing that as that level is getting weaker as its been tested a day latter.
When a level gets tested a few times then it normally weakens that level. Hence why i only ever attempt it on first touch basis.
dyor

Hi diver,

Yes, your count is certainly possible, as is the idea that the move down from 13663 to 12471 was a full ABC correction on its own and that we're now in a new uptrend (wave 3 of 1 of...?).

I note that since my bearish FTSE post this morning, its long term RSI seems now to be trying to breakout...

I don't have any index positions open at the minute - just waiting for a clear signal either way but I'm coming round to the bullish view!

Hi Jackozy,

I don't think this was a five way move as there was no divergence on the RSI to denote the fifth wave.

screencast.com/t/e6FSk9Eehwa

This may seem a little extreme but I reckon the DOW is headed for a test of support at 12020