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Dow daily 05/06/13 (update)

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Following on from yesterday's post on the Dow Jones, we can see the impact of a trendline break at the close of play.

I've zoomed in here so we can see a close up of those (brown) Fibs showing the possible retracement levels of what I've labelled as a wave 3 up from the 31st Dec low at 12884. Yesterday's low came close to hitting the 23.6% Fib which is the level I'd expect for a wave A of a correction ultimately to the 38.2% Fib which would be about right for a wave 4.

In the comments from the previous entry, Gary has highlighted the 161.8% extension of the initial drop (these are the blue Fibs) at 14934 as a possible low for this element of the correction and that coincides very nicely with the 23.6% Fib at 14921. There's also support from a previous breakout level at 14887 nearby so stops should be below that for safety. Please also remember that trading indices is very risky due to their volatility and stops are a must.
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