For the last 2.5 trading days, tuesday, wednesday and friday, DOWT was rejected at 9200 on each attempt. In fact, when oil plunge on Friday morning when trading resume, DOWT broke the 9200 resistance but it was short-live. By mid-day, bears broke out of the cell and push the index from 9310.22 down to 9198.20 making a "Shooting Star". I am wondering who let the bears out and would this bear strong enough to defeat the strongest bull of all time? :-)
Another death cross (blue) would add more momentum to the bears.
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beware of breakdown, thats all i can say, but i ma bullish bias for at least another year
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jangseohee
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until todate, this shooting star is still valid
claydoctor
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recent dip was from travel fears (ebola), now we will see if underlying fundamentals can support after oil bounces after reaching its low, when ? This is when DOWT corrects I think. But when ? Time this right to short with put options can be much profit.
claydoctor
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many other "megaphone" patterns too, and with so many, and so many people knowing this, if we start to correct will be no secret and massive selling?
jangseohee
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well said!
Yup, Option is a better alternative with disadvantage of time expiry