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DJI. Best guess 2If you remember my best guess 1 it dropped less than I expected to the 50 % correction level, then bounced to a newer short term high only to drop to lower short term low (see link below): a trap of sorts. I favor this is just a form of tricky correction the EWT folks call a irregular flat. And today it stopped at about the .62% level which is common. IF. This analysis is correct we may well see a good up bounce from here. The positive reversal in the daily RSI supports this idea. Will know soon. Take care.
DJ:DJILong
by goodguy
14
SHORT TERM OUTLOOK - SUPPORT BROKEN: BULLS BEWARE FOR NOWToday, we saw the break and hold below of an important long term trendline in effect for months leading up to now, as well as several strong points of support. Rationale for short: - Break of lower bear flag channel trendline & hold - Successful retest and rejection of trendline. - Broken support at 206.80s and 206.00s - Huge bull rally immediately and decisively reversed to new lows. - Close below Friday, Tuesday Close prices - Small bear flag printed in closing hours today, visible on chart at close today. I am still short, and I have decided on a few important levels below us. Short 205.71 Target 1: 203.72 Target 2: Lower trendline in current short term descending channel as shown on chart Conditions: Price must always close (15min candles) below long term trendline we broke I expect the price to head a lower for now. The 15th could be a reversal point, historically the 15th is the start of the main "Santa Claus" rally in December.
AMEX:SPYShort
by buff22