Dow 10/09/01

ChartMan

Legendary member
5,580 46
Nice bit of excitement today. It didnt reach my full expectations but close enough. Nice solid trading range established from 9576 to 9669 and a good solid base formed short term at 9576, having tested it 3 or 4 times intraday.I think we have more to come to the upside, not having fully moved up the elliot wave retrace.Theoretically, there could be a 300 pt intraday movement to complete this retrace, which would take us to 9800 odd, but I just cant see that.There is scope for a more realistic 100 pt retrace rise on a closing basis to 9700.Maybe we'll get another up day tomorrow, not that closing up 1 point from Friday could be realistically considered an "up day", although there was plenty of scope for good gains on intraday moves, especially if you got all the major moves right. In theory, there was 400 odd points to be made. In practice, if you got 100, you did well, as there was a good number of whipsaw traps on the way up to the intraday high.
 

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Naz

Experienced member
1,391 22
Hey Chartman,

Great chart.I liked your MACD divergence right at the very bottom when the Dow made its extreme low.

The other indices made the higher low,intraday as well.This gives us an itraday support level to work from.

Keep up the good work!
 
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