I personally do not trade US markets quite often (except Forex) but I track them very closely to predict the next big move in the global markets. This is another write up that I had before I put up this blog.
Written on 9th January 2010
Absolutely no reason fundamentally for such a larger fall but if I were trading Dow, I would have shorted today with a SL @ yearly high
First target is around 10150 & which will take us closer to the larger wave waiting for further fall. The blue line should act as support and if broken then will take it to around 9200 levels where the bullish wave started back in October.
So I went back to look at what I said on 9th Jan. Yesterday (22 January 2010) , just after 14 calendar days DJIA touched my target level and breached it as well.
The first smaller wave completed but what it did interestingly is broken the another larger bearish wave which has a target too scary.. around 9000-9200
No one expected this kind of move in just 3 days when everyone was talking about new yearly high and positive numbers. Smart money used all those news to distribute their stocks and get ready for a reversal.
I think some big news is in the making to trigger even larger sell off.
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