DOW

Don't know why but MS shows short term downtrend at 13307(today)nearly crossing with long uptrend today

Three Rising Valley....dyor

will post chart later...

Im shorting the dow from 13290 on first attempt basis with a 40 point stop.
Theres 2 levels of resistance together there so will find it difficult to push through on first attempt i suspect.
The resistances are from the down trend line 13294 and horizontal resistance 13290.
This is only for today




DYOR

that also happens to be 69% fib level - dl.dropbox.com/u/40497882/dow11DEC.JPG

remo wrote: Im shorting the dow from 13290 on first attempt basis with a 40 point stop.
Theres 2 levels of resistance together there so will find it difficult to push through on first attempt i suspect.
The resistances are from the down trend line 13294 and horizontal resistance 13290.
This is only for today

DYOR

Whats with the 69% fib ?

I tend to use 90% (assessment of lower highs)& 69% potential area to watch for out signs of reversals - all depends if these levels get taken out or not will give me further direction of the trend whether corrective or impulsive and also provides initial area's of previous breakout/breakdown / support/resistance

from the chart you can clearly see both the 90% & 69% of this current move up represent the price range when the move down started 90% and recommenced 69% to make nov 16 lows...

its just something I've noticed and use to observe pivotal area's in conjuction with the conventional fib levels. ......

regards WS