Dow Update

[ChartMan]

Well it didn't pull back today as I thought it might. Just drifted slowly downwards. I still think it's overdone, and there are more positve signs by way of pos. divergence today.Tripple bottom formed at 9150....take a look at the daily chart in the next post that analyses fib retacements and similarities between the current chart and that of March this year......
Difficult to call still. Maybe a bounce, an H&S,maybe a pullback prior to more down...I like divergences and I trust trend lines, but are Fib. retracements just a fluke, or are they a good guide?
As an elliot wave, it's down legs got terminated today.

 

[ChartMan]

dow fib charts....EOD

March to May rise had a first drop to 23% 10,890.Todays drop is also at 23% at 9150..The full drop goes to 62% or 8700
If nothing else, you can plan for this as a longer term target if the drop continues...
Past Fibs. show that there is never much action around the 50% value,prefering to ride straight through in both directions.