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

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

  1. S2007S

    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)
    CNBC.com | 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

    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