Fibonacci support at 11,500 has failed. The next retracement will take the Dow down to about 10,000. If that holds, buy. Otherwise, if that fails, the next retracement level will be 7500.
Fibonacci support at 11,500 has failed.
What percentage level is 11,500?
foreign money will take advantage of the cheap dollar and get in before it gets below 10,000.
Of course, there are lots of fib levels depending where you start counting from. But it's looking dire. About time for a violent but futile "rally of hope".
“Fibonacci support at 11,500 has failed. The next retracement will take the Dow down to about 10,000. If that holds, buy. Otherwise, if that fails, the next retracement level will be 7500.”
I was thinking 11,200 would be a good place to buy in say about 15-25% (I’ve been in cash since 14,000).
But now that we are here, I don’t really like what I see. I think we need a cleansing capitulation of 800-1000 pts. But who knows with this market.