Dow

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

Thats what you call a back test. Perfect for a first attempt trade.
Obviously im on about a short. to late to chase but showing how well first attempts work.
It tested the break out point perfectly.

I hope that the dow can move above 13300 soon or else more down moves to follow.



dyor
remo

[On another topic altogether ... does the 'Preview' button work for you guys? Mine just shows a tinted blank space??[/quote]

Its does not work with the ratings enabled. Tried fixing this but must be a bug. Developers have not got a glue why this is the case. It would work if we disabled the ratings thou.

remo

Agreed, diver. I'm seeing it exactly the same way. In fact, I very nearly took the short at 13286 which I saw as the backtest of the breakdown point.

I'm more inclined to believe that it's the larger wave in play as the 23.6% level seems more likely than the 50% level on the smaller wave. As you say, the question now is whether this goes to the 38.2% Fib or the 61.8% Fib of this larger wave (assuming that that is in play).

It was apparent in the news yesterday how much concern there is regarding the 1st Jan US budget deadline and the likelihood of the cutbacks it requires inciting another US recession. The chart could certainly support that as a possibility.

Two questions - (i) Is this the end of wave A of the current retrace? (ii) If not then how far will it go?
Ok, two views of the chart - panoramic.....



and the close-up.....



....(now I'm crossing my fingers a bit and hope that works and doesn't show the same file twice)

The current price is on the 23.6fib of the rise up from Oct 2011 and a little shy of the 50fib from June 2012. Also wave v is pretty well equal to wave i. Whatever it looks like wave B is almost here before wave C takes us lower still.

On another topic altogether ... does the 'Preview' button work for you guys? Mine just shows a tinted blank space??

You have to be careful with new longs now as the dow has broken a key level.
The trend line has broken. For the bulls to be back in charge it has to finish above the recent high at 13300. Then you will be able to redraw the trend line. Until then you have to stand aside for the time being.
dyor
remo