dow 26/07

ChartMan

Legendary member
5,580 46
Well . I'm pleased to say the dow today went to plan- in the end. That's not to say I didnt have my doubts this afternoon as it started to fall instantly from 400 odd, making an intraday low of 285 . A channel started to form, which turned out to be a continuation flag from the prior fall from 400 ( which I missed until someone pointed it out to me- thx). I forgot for a moment that rallies need to re-trace in elliot wave fashion, being blinded by the "dead cert rise".
looking at the chart, you can again see the bounce/res/support at the various Fib. points.
Notice this time it did blast( eventually) straight through the 50% point, to end up just 10 points short of where I thought it would end yesterday at 455 ( 10,464) being the 62% retrace value.I was surprised at the big drop at open, expecting it to race through the 50% point, continuing on from yesterday's close.
I guess I should have kept in mind that the close was overdone yesterday,and the "true" value was in fact 350, which was the immediate value of the dow a few minutes after open.
As for tomorrow, so long as dow can break the strong resistance at 450 to 500, we should be off up again.
 

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