ajtj99's Market Pulse

[ajtj99]

Dow has multiple support in the 10,175 area in the form of fork support out of the May lows, the daily 200SMA, and the 2.0 extension of the move off the 10,487 highs to the low 3-days later (the wave 1 down?).

If this is a 5-wave move down, a bounce off a low could be around 130 points for a wave 4 up, followed by another drop to final support.

The current target for the eventual low appears to be a test of the 10,093 area. That's the .618 re-trace off the May lows as well as a fib extension off the wave 1 drop.

Anyway, maybe down to 10,175, up to 10,295, then down to 10,095 or so.

http://stockcharts.com/def/servlet/SC.web?c=$INDU,uu[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!...