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Steady as she goes … There's nothing much to say about this chart .. very clear price action .. no conflicting signals .. The positive divergence is just an observation, its simply a warning to be alert if an upturn materializes .. Other than that, a downtrend is valid until proven otherwise .. The index is moving in a well defined price channel .. Its hard to get excited over this kind of market .. especially ours where we can only make money on the long side .. Makes me seriously consider trading the US market .. It may come sooner than i think .. Cheers !  Copyright (c) 2008. Whipsaw. All rights reserved. www.whipsaw.bravejournal.com  Read more... (117 words, 9 images, estimated 28 secs reading time)

Here we go !! .. Dow crashes 565 pts or 4.23% in one week !! .. The index breaks the neckline to complete the head and shoulders pattern on the weekly chart .. really UGLY .. The pattern suggests a possible revisit to the March06 support of 12110 .. The market also reinforces the provisional Sep07 downtrend line when it fell below prior mid Nov07  support of 12980 ensuring that the next trough is a lower low .. The next critical levels to watch out for are the neckline which could reverse its role as resistance and the major support level of 12110 .. Bulls and longs step aside, for now bears and shorts rule !!   Copyright (c) 2008. Whipsaw. All rights reserved. www.whipsaw.bravejournal.com  Read more... (129 words, 9 images, estimated 31 secs reading time)