Wednesday, 3 August 2011

DOW - looks like top is in

We broke the 50x1 bull angle and have 3 tops in place,which suggests to me the bull trend is finished.To rescue this they need to rally the market soon and regain the 200 dma,which though not impossible,seems long odds.The S&P broke the 1x1 from 666 on the daily chart yesterday,too,a very significant development.





 



This is a close up of yesterday,s chart showing 4 repeating ranges in the Dow.I had thought that fractal would support prices for a bounce (and LH) but in the event we sliced right through support


No comments:

Post a Comment