Dow

remo, do you have a gap at 12676 from 25/26 July 2012 on your chart (can't quite make it out). If so then that's also very close to the 61.8% Fib. Just not sure if the gap is really there...

The dow is approaching a critical level at 12723. If this level breaks then theres no support for 200 points. This is where there is a trend line support.
The dow has broken through the short term trend line the other day and also the 200sma and also cloud support(ichimuku chart) so looking weaker.
But the main trend line is still intact and this is at 12100. As long as the dow can stay above this level then the bull market can still have legs. A finish below this then all hell will break lose...

Im planning on going long during market hours at 12723 with 40 point stop. Currently the pre market price went slightly below this. There is risk attached to this trade so will look to take profits quickly and move stops to break even.
Im not confident of this trade but i always go long on first attempt of a trend line.




DYOR
remo

Broad-rock wrote: Possible bounce at or around 12760 trend-line and support?

dl.dropbox.com/u/43650856/Dow%20-%209th%20Nov.htm

http://dl.dropbox.com/u/43650856/Dow%20-%209th%20Nov.htm

broadrock
you have not connected the bottom of your trendline. so your entry maybe out.
unless this is a techniqe of yours???
remo

Yes, if this was to retrace 56% like the first one it would come close to the trend-line at 12750 today and just below support at 12760, so maybe a wee bounce here.

dl.dropbox.com/u/43650856/Dow%20-%209th%...th%2056%25%20fib.htm

Long term looking for this..........

screencast.com/t/IRD7GcP5ZYW

...... just call me Bob

Here's another possibility...

If we look at the previous 2 retraces since the 10404 low, we can see that they're quite similar so perhaps this could be the same?



dl.dropbox.com/u/20815047/Dowdaily09_11_12.gif

The hourly P&F chart has active targets at 12630 and 12195 based on closing prices and a 15x3 box size:



dl.dropbox.com/u/20815047/DowhourlyP%26F09_11_12.gif

And the weekly cloud chart has price support at 12561 and 11871:



dl.dropbox.com/u/20815047/Dowweeklycloud09_11_12.gif

Note that the 11871 cloud base offers this support until 28 Feb 2013. The daily cloud chart already has price and lagging line below the cloud so be prepared to trade short because it looks like it could get nasty...