This is your 2nd post ridiculing the "superbearish downsloping neckline" You're going to hurt yourself, dude. Stockcharts.chart school teaches a TA class based on John Murphy's widely received TA book. Here's an extract ... "a downward slope is more bearish than an upward slope" buy the book, its all in there. My personal choice is Edwards and Magee's TA of stock trends, aka The bible. I'm done with this one too, Your Honor.
Did you really just use John Murphy as evidence that you know what you're talking about? Here's a hint, SuperstarVoodooGuy: the equity market may well go down, but for right now it will only be if crude does, not because you drew some lines on a chart you found on the web.
the requirement was a minm IQ of 80. With your last statement about Crude Oil, you're at 60. Take a hike, son.
I wasn't asking...I was telling you the correct analysis that applies to this situation. I might change my name to "LivingRich" as the antithesis to your advice.
For the nanotimeframe crowd the STOP = 10,370.5 closing basis 5-min. timeframe as per line 1 in the opening post. So in efect the nanos are at breakeven This is offered to the multitute of pussies who complain at the drop of a hat! They've got a breakeven now. Anything else is on market money.
Your anal-ysis is wrong. If your name was Hypothalamus, I'd consider taking advice from you. Upgrade, please. If you have, from the base of the neck, upsloping occipital lobes, I'd bow and call you MASTER.
------------------------------------- a caution: realtime is my weakness as is easily seen in my forex thread; I have no reliable method AS YET, but on Daily and beyond I'm OK. I came to ET to learn to trade realtime. Fat chance of that!!! So anyway, it is still highly possible that Dow will go for the 50% Fib on daily or even 61.8%. I say this because until Daily upside momentum shows some sign of dropping, this entire down move is a trap. So, I remind everyone re: the CALL that my margin of error post accommdates this quite well.
repeating, so here are the exact numbers where Dow might still climb up to despite this nice drop on the 5-min. frame ...... Daily chart 50% fib @ 10,453 OR Dow goes to Daily chart 61.8% fib @ 10,654 all handled within the body of the CALL.