DOW

Remo,
I agree with your comments particular with the head and shoulder scenario.
I would like to propose an alternative view since the drop is heavily linked with news “fiscal cliff”. If Obama and crew come up with something during the weekend, DOW can bounce off the 61.8 fib !!!!!, an area of previous resistance may now become support. Who knows?????

dyor { I suppose I need to put that }



www.dropbox.com/s/zeunf4q051q58nt/DOW%20daily%2029.12.12.gif

this is starting to look bearish again.
It looks like it may be heading towards the main trend line.
If you look carefully you can see the right shoulder of a head and shoulders forming(the bigger one that i mentioned a while back).????
Ive got no positions on the dow currently as waiting patiently for a good entry .Ill go long on the first attempt of the major trendline.
The dow has also finished below the 200sma which also is bearish.
The way to trade this is by waiting for a 123 high or trade of the trend line.
so look to short once the dow pulls back up but wait for the signal of the 123 high.So you have to be patient.
Or go long on first attempt of major trend line during market hours only,again patients required.
If your trading the dow you have to trade it day by day so views will change constantly so please bear that in mind if your a day trader.


dyor

Diver
Thanks for sharing your view and for your comment, 14400 should read 13400. I wonder if there is a possility of DOW touching the 13400 area before going further south during the next couple of trading days.

Ocean,
The recent move up from 12472 is actually a simple ABC move and not an impulsive 5 way move as indicated on your chart.
We are currently experiencing a pull-back from that move, which I anticipate will make around 12920, before heading north once again, when I anticipate it will make it back into the magical realms of the 14,000's. Hopefully at least 14100. All IMHO of course and you are very ,much entitled to your view. Have a great time this holiday!

Hello everyone, hope you are all set for x-mas, is Santa going to bring the xmas rally next week??? may be 14400 !!!!

www.dropbox.com/lightbox/home?select=IND...60m%2021.12.2012.gif




Merry X-Mas everyone

Ooops! That didn't go well! I wonder whether that was the end of wave B up? Easy to count these waves both ways...