DOW

Anyone else Short on DOW?

Took a position at 17001.

Seems to have double topped at yesterdays high of 17066 with hourly closes below the MA(30) and MA(50) with no quick jump above.

I am looking for it to test the MA(200) around 16718 in the coming sessions.

Perfect test of the main trendline here. Needs to break above to confirm the pullback is over imho.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

A close up.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

I think it will do it tomorrow, as its broken above the 200day.

Regards,
Trendfriend

This had a nice pull back today, could be a sign the worst is over.
However, its still under this negative trendline on the 30 min chart.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

If it closes below 16050, it could accelerate the selling imho.

Regards,

Trendfriend.

www.bbc.co.uk/news/business-29644214

Fears of global slow down.
This can be used to take this down as far as they like, with that issue.

Best to trade what we see, i think this could be some way to go imho.
The traders comments are interesting in that article.

Regards,
Trendfriend.

Hi all,

lots of emotion and fear out there. Markets needed a healthy correction. S&P 500 has fallen 10%. IMO this retrace is probably reaching an exhaustion phase. When the bulls are in control perception is it cannot stop going higher, with bears it will never stop falling.

US will lead any recovery and small caps always lead the US markets. Not saying it is over, only that it needs a counter rally.

Let's see what happens over the next few days/week.

GL
F4T

and below bull/bear at 16020...and below super wavism at 16041 /.50... need to recover this to go higher....

btfd is a thing of the past short term. it's now STFR....


all imho