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.
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.
