DOW weekly update

The Dow weekly chart shows that the entire uptrend from march 2008 has been finalized and the next big bear-wave has been triggered this week ( sooner than expected but as I said just a matter of days or weeks). Since we have entered wave 3 down now the minimum target is 11100 as a 1.6 times factor to wave 1 down from May. For now its crucial if the 11555 will serve short term as a support but that will only be a brief episode before the drop resumes to the 11250 -11000 zone. Since around the 11600 is also the lower band of Bollinger we should have a little support for now at 11500. I expect QE3 to kick in around the 11000 levels and trigger a rally for 1-2 weeks.

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~ by behindthematrix on August 4, 2011.

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