Dow Jones broke down from a symmetrical consolidating pattern and is currently down -186 pts at 10.25am NY time on 10 Mar 2011. It is currently testing support at 50day MA and would have to hold this level or else it could possibly be the start of a correction. Short sellers are already pouncing on this breakout trade.
Important note: As we are using a daily chart, we have to wait till the end of the day when trading ends and the candlestick completes its day candlestick pattern. A close below the 50MA could see more sellers for the next trading day.
I am betting on the market to drop. Just hoping that its not a bear trap where price U-turn and move higher, trapping the short sellers as a result. A flexible mindset has to be adopted so that one can go with the flow of the market. Having bias thoughts would kill us.
Important note: As we are using a daily chart, we have to wait till the end of the day when trading ends and the candlestick completes its day candlestick pattern. A close below the 50MA could see more sellers for the next trading day.
I am betting on the market to drop. Just hoping that its not a bear trap where price U-turn and move higher, trapping the short sellers as a result. A flexible mindset has to be adopted so that one can go with the flow of the market. Having bias thoughts would kill us.
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