Watch for the Dow to crash through support levels at 10,636 then 10,366 before it meets some resistance at 10,098 with a slight bounce around mid-September. Then all hell breaks loose as it violently crashes through any support that is offered realizing 300-1000 point drops as it rejoins the downward trend in October before finally meeting firm resistance at 9686. When that resistance finally gives way, say around November, look for increased panic as assets are sold off left and right to meet the dread margin calls as foolish investors get scalped.This post was written late on the 9th (market top), then published early on the 11th. Shall we look at the results?
- Dow to crash through support levels at 10,636 (Achieved on the 11th, closed at 10,378)
- then 10,366 (Dropped to 10,319, hovered around this number until Aug 19th, then crashed through the support. -200 points)
So what we should have in short order here is another 140 point haircut or we could skip the haircut all together and get to the violent crash second part. With the AUD having some issues today, we just might see the latter scenario today.
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