Short Term Trading Member Forum

[Toppcats]

Haven't been here in awhile as well - also still miss Airedale's insight. I am heavily short at this time on the general markets.
A long term view of the Dow will show a 'three peaks and a domed house' pattern decline now in play on the DOW. This pattern's origin goes back to 1999 and its target is the 2002 low in the 7200 area. All rallies are now being sold into. A review of the McLellan Indicators (oscillator and summation) show that neither the NYSE or Naz are at their bottoms (they do seem to support that July was the 4.5 year cycle low).

A possible alternate view is that the close today just breached the Dow's lower TL dating back to the 2002 low. That support 'could' hold and then we rally up on Monday morning - however- Fridays close makes it probable that we start Monday to the downside. A formal breach of our TL on Monday am (Fridays low) should get a retest from the 10,000 level. That retest either retakes the TL or the 3peaks pattern and 7200 target is in play with an anticipated bottoming by mid/late October.

Regards to all and good trading