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Full bull market retracements have happened twice before on the Dow
The 1921-1929 bull market during 1929-1932, and the 1970-1973 bull market during 1973-1974. In both cases there was some overshoot on the downside.
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Just sit back, relax and wait for the key-day-reversal to tell you when a bottom is found. Might be as soon as next week, but catching the falling knife is the death of a thousand cuts
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Dow as at today
The red dot is the close this morning. close to another small support level
Interesting to note that bottom back in 2002 crash created major support levels that coincides within the region of the 15years Fibonacci 61.8% retracement (as far back as I can go)...fascinating
Below that 61.8% there is very little resistance until Dumbass' 6300 region
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Dow down 22% in last six days , thats a bear market in its self.
ugly ugly with very little chance of a bounce.
futures up significantly in pre trade then failed rally after failed rally then massive , and i mean massive stealth selling waves to close at lows of the day.
How can you be anything but short.
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classic hammer on daily about to print , even looking at a positive close but order imbalances may take it to negative close but who cares.
seems to be some optimism that G7 may bank roll interbank trades.
lets see how it pans out , at least a positive candle.
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Member
Love that hammer dumbass i'm looking for a run up next week lets hope we open up a bit on monday... i thought this was kinda funny
http://www.morganstanley.com/about/a...cles/3260.html
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hi craig , heres a weekly chart of dow.
100 % retracement of bull market from 2002 is getting close at 7200
full bull market retracements have happened twice before with the biggest overshoot being 13 %.
so 6300 in the frame.
looking at it from a technical perspective seems highly likely to test 2002 level at 7200.
78.6 has provided no support and has closed below for the week.
However it aint a technical market so with a sentiment change a reversal could happen anyday and it should be a douzey of a rally.
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Last edited by arco; 11-10-2008 at 12:37 PM.
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