Yesterday ALL indexes showed a DOJI after a 5 day Downtrend, with the stochastics almost oversold. This looked like it might be just right for a turnaround........but that was just a guess & successful traders DON"T GUESS.!!! A BIG DOWN DAY today reinforced the DOWNTREND was still in force on LOW volume.
DO NOT BUY ANY LONGS UNTIL A CLEAR REVERSAL SIGNAL WITH CONFIRMATION!!!
All indexes are NEAR their yearly lows, with stochastics oversold, at the 100% RET of the 6/21 HIGH.
This could be W.C of ABC correction from APR 26 HIGH, in which case the most likely target is between 127%(1015)-162%(983) RET. This coincides nicely with the 38%(1015)-50%(962) RET of the entire advance from MARCH 2009.
This is also about equal to W.A DOWN 4/26/10 to 6/8/10 .
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