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Looking at this chart, it is my opinion that nothing serious has been broken.... yet
The DJI would have to break 24000 for this decline to get some legs. If indeed this came to pass, than we are looking at the first Fibo retracement.
Till then however, this is merely a healthy regrouping exercise to realign the technicals.
The daily has reached oversold ...
So far, this is a healthy retrenchment in what appears to be a strong bull market.
US domestic and global fiscal and economic circumstances are supportive of a bull market in the DJI and the US$
The technicals however required realignment. This could be the opportunity to do so.
The November elections in the US are, to me, a bit of a wild card. We shall cross ...
This index has once again breached a secular trend to the upside. There is significant momentum to this breach presaging a strong rise to new highs in the medium to long term.
In the short term however, there is a possibility of a sharp correction to bring the technicals back in sync.
The DOW is in a powerful uptrend overall
Short term neutral to bearish
Same as previous chart but long term weekly view
Of course, there are many levels to breach before this secular trend can be declared to have turned. Nothing conclusive therefore.
To me however, the momentum appears to be positive.
If indeed my analysis should come to pass as outlined, many a peripheral countries should find themselves gradually, though rather quickly, further up the proverbial creek.
Technical double top possible within 3 months.
Very clear support below
Overall trend still up
Although not conclusive yet, this may indeed prove to be the end of this bull market...
If that is that case, I suspect anywhere between 55 and 60 is the sweet spot
To me it looks like the precious metals may have some more work to do to the down side in the medium term (12/18 months?)
The overall trend is still up (blue line)
The fundamentals for oil are not convincing and neither is the long term trend...
10yr interest rates at a critical juncture... there appears to be enough economic, financial, political and technical pressure for this trend to breakout in the medium term
US$ is in an uptrend... till it will not be...