In the previous review (Dow was at 12307), I said (previous review)"the intermediate trend is down; the trading is still confined to falling parallel channel; as long as it trades below 12370 the downtrend will persist and will retest the 12k levels.
Dow made a low of 11819.So far the falling channel is intact, resultant continuation of the downtrend. Now revise stop to 12085(close) from earlier 12370;if seen, expect a spike(corrective) towards 12200-12250 region.
From the medium term perspective, the Dow has already given "faster retracement" of the previous intermediate uptrend (11700 to 13200) on weekly "close" charts. This is a second stage confirmation of a larger degree weakness. First stage confirmation was failure to close above 13.2k (see past reports). On the downside, our near term target is placed at 11640-11550.
June 24, 2008
Global markets....weakness persistant...(Delayed post)
Dow Jones (11842) Intermediate trend: Bearish
In the previous review (Dow was at 12307), I said (previous review)"the intermediate trend is down; the trading is still confined to falling parallel channel; as long as it trades below 12370 the downtrend will persist and will retest the 12k levels.
Dow made a low of 11819.So far the falling channel is intact, resultant continuation of the downtrend. Now revise stop to 12085(close) from earlier 12370;if seen, expect a spike(corrective) towards 12200-12250 region.
From the medium term perspective, the Dow has already given "faster retracement" of the previous intermediate uptrend (11700 to 13200) on weekly "close" charts. This is a second stage confirmation of a larger degree weakness. First stage confirmation was failure to close above 13.2k (see past reports). On the downside, our near term target is placed at 11640-11550.
In the previous review (Dow was at 12307), I said (previous review)"the intermediate trend is down; the trading is still confined to falling parallel channel; as long as it trades below 12370 the downtrend will persist and will retest the 12k levels.
Dow made a low of 11819.So far the falling channel is intact, resultant continuation of the downtrend. Now revise stop to 12085(close) from earlier 12370;if seen, expect a spike(corrective) towards 12200-12250 region.
From the medium term perspective, the Dow has already given "faster retracement" of the previous intermediate uptrend (11700 to 13200) on weekly "close" charts. This is a second stage confirmation of a larger degree weakness. First stage confirmation was failure to close above 13.2k (see past reports). On the downside, our near term target is placed at 11640-11550.
