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Tony: thanks for that chart. I'm going to begin working with it and post
some thought over the weekend.
As an alternative, here's a long-term chart without a log axis. You'll
notice that the Dow has broken through some serious support lines.
However, I've inserted a tool in the chart that shows Fib retracements.
If you look at this, we are approaching the blue horizontal bar, which
is the 50% retracement line. I think this level will hold. That's about
7800, which is about 400 points lower. Keep in mind that this is a
monthly bar chart and the last bar won't be complete until next week. My
hope is that the last bar reverses and reenters the down-sloping
channel, which is about the 8800 mark. My reason for this is that price
also broke above the channel at the beginning of this drop but couldn't
hold that level, so the channel was reentered. If the channel isn't
reentered, I think the 50% level will contain the drop. If not, it's
apocalypse now! One more important thought. This is the Dow! If you
analyze patterns with respect to the S&P500, a different view is arrived
at. As always with the market, what's right?
--
Ralph => E-mail => rjv@xxxxxxxxxx
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