DOW

the dow has to finish and stay above the broken trend line for a few days to negate the break. The dow is way to volatile currently to place any real good trades. Ive not seen it this volatile for ages.
This period in the year is normally when the traders are away on holiday.go away in may and come back in September .

i was looking at this closely this morning, and i came up with chart below...(the chart does'nt show todays action)
Then i saw Remo's post and i wasnt brave enough to go against him and post it here... lol
This is the chart.. Monthly Dow...
uk.advfn.com/p.php?pid=chartscreenshotsh...9Q=&symbol=undefined

I was seeing that every year around july/aug and early sep, we get a big pullback...
You can see what i mean with the red lines in my chart...

I don't trade indices, just keep a eye on the dow, coz its the leader...
I was thinking this was just a Aug pullback/correction... although this is a stronger, and a bigger pullback than most years, its still only a Aug pullback.... its to early too say this is end of te bull run imho...
I'm thinking this will now rally into year end and even possibly make a new high....

Now i've posted this, watch it tank tomorrow...

Regards,
Trendfriend.

The main trend line was back tested yesterday perfectly. This spells trouble for indexes and lower prices will likely follow. Perfect trade was possible yesterday.

far away view


close up view...


Look how perfect that back test was yesterday This clear;y shows the power of technical at work

This looks like the start of a bear market and my first target is 13800(38.2fib) on the dow followed by 11000 (61.8fib)ultimate target(worst case). The only way this can be negated is if the dow can break above the trend line break and finish above it for a few days.

I'm a bit baffled - why is there no gap showing on the DOW today? I watched it open, and it was no more than about 15,850, falling immediately. It later tested the trend line and went to about 16,365 but never got as high as the previous days close at 16,460. So there should be 100 point gap, shouldn't there? Yet every chart I look at this morning doesn't show a gap. How come?

im gutted that i missed the perfect short, was busy ...dam

If it finishes above then yes... But i doubt that will happen as would require some amazing news

Richb wrote: If the Dow closed above it today doesn't that rescue it for now ?