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Friday, January 29, 2010

DJI - Favorit count points still lower



Back to the Dow Jones Industrial Index.

My favorit count points towards even lower levels over the coming days and the most bearish count (red alternated count at the bottom of the chart)points quite a bit low still, before black circle wave 1 is finished.

The Favorit count calls for a move to just below 10,000 (9,973 area)ending black circle wave 1, while the more bearish count points towards the 9,768 area.

Finally be aware that you could make a case, where black circle wave 1 ended where I have wave 3 ending at my favorit count, if Black circle wave 1 is finished, the support at 10,094 should hold for a break above 10,186 calling for a correction higher towards 10,392 - 10,472.

Stay flexible.

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