Pashabxl
Short

DOWI: 2nr Correction process

INDEX:DOWI   DOW Industrials
211 0 3
On a chartist analysis we can clearly see that there is a double top formation. The next days i.e Monday 26th will be a
day that will clearly confirm the double top formation or not.
Based on indicator, DOWI             is already very high and a down side correction is again imminent.
If there is a double top formation which I do consider for sometime now, therefore, the neckline is at 16333, and after a pull back, DOWI             may go down to 15600-15800.
Bare in mind that it is also at the time when QE3 will end.
FED will not yet increase its interest rate, but for investor, it may be time to cash in some gain since September 2012 when QE3 have begun.
On the downside of the story the correction may be very wild. But there is still cheap money in the market baring in mind that FED's Chief Yellen said that her institution will not only consider the unemployment rate and inflation as a benchmark for the increase of the interest rate.
Let's wait and see
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