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There has been quite a discussion of market tops
and crashes. Here is my perspective. The INDU still has a target of
10,800 +/- and this target will remain in place until 8870 is taken out on a
move down. This allows for a 500 point move down without breaking this
bull move. The 500 point possible move can be traded successfully, but the
overall picture should be kept in mind when trading the downside move. The
INDU has hit a shorter term target at 9400 and should find temporary support at
this level.
The E mini is in a similar position. It has
hit a target to the downside at about 1005. This should act as support and
allow for a retracement up. So when looking at the short side always be
aware of the longer term price action.
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