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The DOW Just my .02

Posted by StockBuz on August 13, 2010 at 10:46pm
The way I look at things, Bears will creep in at 50% and 61.8% retracement levels, trying to kill any rally; their cover stops above the 78.6% level. Pay close attention to those levels when reviewing charts; you'll be amazed. So we had the flash crash low, tried to rally but failed at the falling 50d SMA. Then we made another low and bounced off the 38.2% retracement level of the *entire* rally. From there, we formed and broke a triangle [green] in July but never achieved the target having failed at that same 61.8% level we had failed at in June. Amazing. So all these attempts and failures formed a rising wedge, which we all know collapsed to the downside. Are you seeing a pattern here? Small rallies which fail for the fourth month now. Elliott Wave followers are talking that we're beginning wave 5 down of a larger wave 1. IDK who's right or wrong. All I know is we're trading well below a falling 5d moving average, our rallies are failing and I'm shorting any pop we get. Guilty until proven otherwise.

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