Dow 17/08/01

ChartMan

Legendary member
5,580 46
Down, down, down...A quick drop to 250 showed what was to come. After milling around 230/250 for a long time,another big drop outside of support to 180, followed by a rapid recovery to 240, closing down some 150 points on the day.Will the major downtrend support now become resistance? With the current relentless trend, it's more than a possibility.I guess sentiment and market conditions over there leave no chance of a recovery.Major support is now the horizontal trend line at 10,180.Then there's a gap with no visible support between that and 10,000 and then 9800.
Should be good for the shorters.
Down 175 on the week,dynamic range 338.
As ever, it's a tricky call. Yesterday's idea of a rise was a non event, so I guess tonight's suggestion will go the same way. The last three occurances of a "double long tail" on candlesticks was followed by nice rises.- 10-11/07..24-25/07.. 9-10/08 . Will Monday follow suit, now that the triangle is closing and leaving very little room for upward movement.I doubt it....
 

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