If it doesn’t turn real soon, and breaks this line, that’s really bad for the markets. I suspect we see a bounce, then we can see if it can bust out of this channel.
Another thing, see the chart above, one thing that had me nervous about the upside is that the Dow was the only index that had not tested its lower channel trend line, it has now, so let’s see if we can move on up or whether this is going to be a steeper correction
I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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