Dow Jones - More Down Side Ahead

11 Oct could be a day to remember(refer to post "Dow Jones Fibonacci Time"), Dow fall almost 1000 points in a single day and still dropping. In 4 trading days, Dow have dropped 6.52% at the time of this post from historical high.

The current price structure in daily chart are not favorable to stocks investors, first 3 Oct all time high was not sustainable and price quickly retraced. Market seems like forming a "double top" like formation, but not symmetrically align with classic double top. With this formation, crucial support could be seen on neckline or previous low 23088.

On the right char (2 hours chart), the current price is trading below 9 multiples golden ratio 25446 and heading to 10 multiples 24507 770 points of room from now. If price continue to swing lower, next projection target at 22987, which align with the daily "double top neckline".

The above analysis will be violate if price form higher high structure.

交易結束：目標達成:

As stated in 11 Oct, price reached 24507. This level have meaningful support, it is two third correction (or 61.8%) retracement level from 23088 to 26969. This price level has highlighted as "crucial support 1" in the chart. Viewer please play forward the chart to view latest price movement.

評論:

Refer to the earlier post, the October selling reached "crucial support 1" then price traded sideways for a month. The selling continue and approaching crucial support level 22987 as projected by spirals ratio on 11 October. Trader please be cautious on selling. Further price action to confirm the "double top" formation if price trade below 22987.

Trader please play forward to update price chart.

評論:

Dow Jones breakdown 22987 level and "double top" formation has confirmed on last week. Dow price is heading 20528 as projected by Fibo spirals with 11 multiples.