DOW

The main trend line was back tested yesterday perfectly. This spells trouble for indexes and lower prices will likely follow. Perfect trade was possible yesterday.

far away view


close up view...


Look how perfect that back test was yesterday This clear;y shows the power of technical at work

This looks like the start of a bear market and my first target is 13800(38.2fib) on the dow followed by 11000 (61.8fib)ultimate target(worst case). The only way this can be negated is if the dow can break above the trend line break and finish above it for a few days.

I'm a bit baffled - why is there no gap showing on the DOW today? I watched it open, and it was no more than about 15,850, falling immediately. It later tested the trend line and went to about 16,365 but never got as high as the previous days close at 16,460. So there should be 100 point gap, shouldn't there? Yet every chart I look at this morning doesn't show a gap. How come?

im gutted that i missed the perfect short, was busy ...dam

If it finishes above then yes... But i doubt that will happen as would require some amazing news

Richb wrote: If the Dow closed above it today doesn't that rescue it for now ?

The dow actually tested the trend line break during market hours. Amazing

1 hour chart

dl.dropboxusercontent.com/u/4899609/dow60min24thaug2015.png

daily chart

dl.dropboxusercontent.com/u/4899609/dow24thaug2015.png

I would have thought so too Rich, but does "opening" below the trend line count? If it forms a huge hammer and closes above, as it looks like it might, then we're still in a bull market aren't we? We'll know soon enough!