Dow 15/08/01

ChartMan

Legendary member
5,580 46
Amost identical to yesterday.Quick rise to 465 then downhill all the way to close at 346.Two brief attempts at 424 provided a doubletop and the inevitable decline.Pivotal support at 387 was lost, leaving no chance for a rally recovery or break of the downtrend. From the charts, we can hope that we are well into oversold with stochastics at zero, and a rise from here will be the order of the day tomorrow.I see the same again tomorrow...up to resistance and down to support. Immediate downtrend support tomorrow is around 350 which was yesterday's last line of defence.Should this be broken tomorrow,I see a rapid decline to circa 300, which should provide substantial support.....
PS Fib retracement points 62% 455, 50% 407, 38% 365, 23% 302
 

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