Charts Predict: Dow 6,400 in Less than a Month

Discussion in 'Trading' started by S2007S, Nov 20, 2008.

  1. S2007S


    I think 6500 is a short term bottom, Nicole is using some called (TA), I just came up with 6500 using nothing but common sense.

    Thank you for your wonderful analysis Nicole.

    Charts Predict: Dow 6,400 in Less than a Month
    Topics:Currencies | Dow Jones Industrial Average | Stock Market | Economy (Global) | 19 Nov 2008 | 05:52 AM ET
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    The Dow Jones Industrial Average is set to sink to 6,400 within the next few weeks, Nicole Elliott, technical analyst at Mizuho Corporate Bank told CNBC.

    "Any moment now I think we're going to break lower," Elliott told "Europe Tonight."

    "I expect this to be possibly before the end of November or very early December, I mean we're almost on our way now and it's just a question of how far down do we go," she said.

    The Dow [.DJIA 7873.67 -123.61 (-1.55%) ] managed to close above its October low of 8,175.77 on Tuesday, but slipped below that level during the trading session. Market watchers are divided on whether the recent lows mark a base from which to rally, or a pit stop on the way lower.

    "This is not a base at all, we're nowhere near bottom yet," Elliott said.

    After the initial sharp slump the index could fall further, but in a more gradual decline, according to Elliott.
  2. this thread needs a chart for illustration
  3. ctheo1


    nicole is very respected among the technicians community. she uses ichimoku, also know know as "cloud charts" in the west. for those interested, she published a book this year. it is the first book in english on ichimoku. all other literature is in japanese.
  4. 9400 is much more probable than 6400