Just eyeballing things here, looks like we have retraced roughly 62% of the move in the Dow Jones from the 12,150 low up to the 12,750 high. http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2681385&cmd=show[s132046508]&disp=O
Excellent. Glad to hear it! It is always good for the soul to get away from the trading screen . . . gives some good perspective too!
Welcome back, Mup and Thanks. It's time to cover one-day long "Short position", if today low holds. 2 measured moves and an a-b-c pattern. Or it's a 1-2-3-4 and the 5th is coming! :eek: With another measured Move. An ascending triangle is the last hope for the bulls.
Status. Short "Long position" closed at open as said and short "Short position" added. There was no higher high at -250, -25, -50. Short positions closed at another -150, -15, -30 when there was a higher high near close. Strategy. Buy if up. Sell if "M" neckline is broken.
This is the Bull Last Stronghold. If the supporting trendline is broken, it is likely that the "M" neckline will be broken too. But there is no fundamental support here. Will B, B, P and C do some magic again?
If BBPC fails, the Market can go down another -1600, -160, -320. Rate cut hope may drive the Market up as wave 4.e. After that. :eek: We may need another set of BBPC to reverse the trend. Bank of England and Bank of EU to cut rate. Petroleum countries to stop cutting rate of production. China to cut USD to Yuan exchange rate.