Chart self-explains. Could sure get lower but behavior suggests a bottom retest may be in at 24421. Wait on 4hr to confirm it.
Could get a strong lift into December off these lows to form a right shoulder before the bears really tear into it. Unpredictable now.
Just an idea not trading advice- trade at your own risk! GLTA!
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It has formed a bull flag in the 15m intraday. IDK... not going long yet!
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Err-- 'bear flag' sorry - countertrend pennant. As Mr Unwind noted, too soon to commit to long position yet, but too risky to bet on a further decline IMHO. I expected lower, see if we get it!
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Sure looks like it will retest lower lows, extreme, relentless bearishness. Stay tuned!
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Futures point to a lift in pre-holiday session, there's that gap to fill above around 248-249; we have an EW five wave impulse pattern forming here in C leg, if a countertrend wave 4 forms today, it should provoke a bearish reaction; the fifth wave down could retest lower lows and spark capitulation panic. Still too soon to go long, trend remains bear- be carefull!
if that support line you have drawn fails in the Dow,
it will be Katy Bar the Door for the market.
Very early to try to pick a bottom,
although if you're hot like you are right now..why not ? :)))
THE_UNWIND
DaddySawbucks
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@The_Unwind, LOL I tried that game too many times- not bottom fishing, just saying - it appears to be trying to form one but as you say, break that line and the herd will rush out.
if that support line you have drawn fails in the Dow,
it will be Katy Bar the Door for the market.
Very early to try to pick a bottom,
although if you're hot like you are right now..why not ? :)))
THE_UNWIND