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....
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....
