A good day for the bears.In my Dow post on Saturday I showed a bullish pitchfork analysis on the daily Dow chart and a bear scenario on the weekly, although my primary focus has been on the bear setup on the Dax,which came into fruition today with a gap down .The Dow took out the pivot low on the daily chart so the weekly chart comes into focus.Failed breakout scenarios are now potentially in play,plus failed breakouts of 2 x the low levels in eg the s&p and Dax (1333.5 and 7200).The strategy now should be to stay short until the last LH is taken out.The wave count on EWI (Italy) also is bearing fruit with todays big move down.
Also note the sell stop was elected in Mike Breaux's trend-following system,the chart I posted at the weekend
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