Fr33zerPop
Short

Dow Jones has reasons to go lower. But could we see a bounce?

DJ:DJI   DOW JONES INDUSTRIAL AVERAGE
I'm not very optimistic about the long-term outlook of the DJY0             , but with it's close almost exactly on the .618 after the first down-pulse, I wouldn't be surprised if it takes a dead-cat breather up to the .382 before reconsidering it's demise.
This analysis went great. Notice how it took the hard downturn route (labelled "oh, crap") stopping just short of my fib trendline. Then, it snapped back (sooner than I expected) back up to the .618. I expected that to take a few days. I wouldn't be surprised if it went lower tomorrow, considering it's already retested that .618. Tomorrow will tell...
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