Does anyone else see that feb 20 until march 14th looks exactly like how July 17th to today, august 10th looks? Especially if you look at march 14th and then look at today august 10th..... Anyone think this is going to start a big push upward again like it did on march 14th?
Dunno, I think there could be some more testing of todays low, but I think the downside risk is limited below there for now.
On the Dow the sneaky little test below support followed by a big hammer candle on the daily charts looks very similar. All we need is a higher low and we're off. The big difference is that the last sell off was based on nothing (a pullback in the Chinese stock market) whereas this has a more rational fundamental basis.
They sure do look similar. Sentiment is also at similar extremes. Now hopefully, there won't be any more surprise bombshells between now and monday (crossing my fingers). <img src="http://elitetrader.com/vb/attachment.php?s=&postid=1564025" border="0" alt=""><br /></font></p></font></p></font></p>
Nope, there was a good bit of sub-prime talk in March, too. China's drop kicked it off, but with in a day or two, sub-prime and real-estate woes became the focus.