DOW

Test of downtrend line flagged last week so far playing out on Dow and FTSE. There was a bit of a battle between the bulls and bears at the Dow trendline last night but the bears won as it was sold into the close. Futures then continued to drop:

Dow:


FTSE:

What suprised me is the media and some professionals saying that we have hit the bottom already ...Surely they must realise we have never been in a situation like this and to say that we have hit the bottom just due to a bounce of 20% seems a bit naive. The fact of the matter is so many companies have laid off staff and loads of companies are going bust...on top of that you have most companies missing out on targets set for this year which means profit warnings...So there is no way we have seen a true bottom yet as it’s way to early to call a bear market bottom considering normal bear markets last around 6-9 months and this ain’t no normal bear market so these media fools are just that...fools...
The world economy is hit hard and it’s never been this bad so to think this small correction is over just baffles me....
It’s like they want people to lose money by encouraging everyone to jump on board so as they can get out themselves...
Don’t trust the media or any so called professional.....
This is where people have to do there own research and come to a conclusion on there own...
I trust in charts so will go by what the charts says for the long term..and right now we are below the 200 day moving average and that must rise to even consider a bull market...on top of that I would like to see higher highs on the daily time frames and a break above the new down trend line which ain’t formed properly yet....as it’s really early...
We are in a crisis like never before so I doubt that we have seen a true bottom...
Don’t go rushing back in a hurry as things could get cheaper still....
I’ve only put around 20% of capital back in and that’s even day traded a lot for quick gains...and some are with companies that I feel may find a cure for this virus so really ain’t in for the long term yet....
It’s really hard to call a bottom and I don’t see one this early...
Take care and do your own research..
Remo

The rally we have have seen in the dow from 18200 to 22550....which is approx 20%
I think its perfectly normal...and its way to early to get bullish here...eve if we do see a 1,2,3 low....the Dow always pushes people to the limits...in terms of ones view and Analysis....

Looking here now at the last bear market in 2008/2009
dow - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...eZs+bxrnSDfDiXUW/aE=

the market dropped about 55/60% form just above 14,000 to about 6500 for the low....
in between that drop i can see plenty of 20% rallies....

So careful not to fall in love with the upside just yet....a bit of patience could really pay dividends....
in terms buying into this market lower down imho....

lets see how it goes...
Nice short trade today Libero... just being honest here...really don't think you should include me with those legendary names in your last post!
could well be a h&s top Long term....was deffo a retest of the high...22550 area and the 20 day ema line today....and it failed... (so far anyway)...

atb, wdik, dyor,
trendfriend

Looks alike down trend is about to resume...
The 123 low did not materialise yet...still in play.....
Once it goes below the 2 point(21000) then it cancels out...and would mean the lows would be hit...

longterm_view wrote: Libero / TF

It looks like there is a H&S forming on the 1hr chart. (On iPhone so cant post a chart)

After an uptrend, so in the correct place.

Neckline is about 21775 I believe.

Perhaps somebody can confirm?

I'm a rookie, so will gladly give the floor to my betters (remo, trendfriend, jackozy, wavesurfer et al - sorry if i missed anyone else out!), but it does look like a H&S over that line sure.

Stay Safe.

Libero / TF

It looks like there is a H&S forming on the 1hr chart. (On iPhone so cant post a chart)

After an uptrend, so in the correct place.

Neckline is about 21775 I believe.

Perhaps somebody can confirm?