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There was a comment in a post about those that
pronounced a 6000 Dow. I announced a 7367 Dow which was hit and a 6976 Dow
which wasn't hit. As far as my system goes we are in a downtrend until
10,640 is taken out and this is on a weekly chart. Does that mean that I
hold that position until I lose 3000 points? That is a ridiculous
assumption. This is a traders forum and to ignore the possibility of a
3000 point retracement is ludicrice.
The Dow signaled a buy at 7879 on March 14th and
the retracement was underway. I currently show a target at 10,825 with
resistance at about 9500 and 9900. Are these numbers written in
stone? No, there are always conditions that arise that will change things
in the short term. So if I am long going to 10,825, I will exit at 10,6409
and let price prove to me that the downside is over. There is always the
next leg up or down to trade. Ira.
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