DOW

Hi Trendfriend,

What happened to the drop and the bear market?

Did I miss it?

We are making HH, HL, above the 20,50,200 MA.

What appeared to be a breakout seems like a takeout. The price action yesterday was very bearish - and yes it was doing higher high, but that may stop and take out the recent lows.

Watching , but have a short with a view of adding more shorts.

Waverider2,

Yes, I would say a false breakout, it's dropped every since.

Start of wave 3 potentially?

The DOW is very volatile. My long which i opened last week was stopped out - and yesterday's price action is like down down down. not even a breather lol - which suggests it may be a fakeout and a major rejection.
Threading carefully with this one...

As I am typing:
1. Bearish candle yesterday - went up to the high, finish on the low
2. 4 hour candle (potentially the daily) trend line broken.
3. 4 hour lower low has been triggered.

Again, not going down in a straight line. and potentially may fly up again!!

It looks like its heading lower big time..
Bear market is in full swing now .
Currently corrected 23.8 fib, but likely to head towards 38.2 fib.

Thank you for the advance warning Remo. s&P just broke 4000 and all hell has broken loose!!

Wave 3 in action I think …