Dow Jones making a 13 year Broadening top pattern making higher highs with slight lower lows. The projection for this forecast is once it has topped at resistance it tends to come down to the supporting level, however the kicker about this pattern is support tends to get broken down through! which signals the possibility of the Dow going even further down than 5000!. Fundamentals support this idea as well as Federal Reserve stimulus and bailouts around the world have done little. Once it stops, the markets will correct to true values.
Komen
RajveerRawlin
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the top of the pattern has just completed i reckon
TirthShah
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The same pattern is not there in s&p 500 index .
TirthShah
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But the same broadening pattern is not there in s&p 500 index which is a broad index.
mikek683
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The value here is in the big picture perspective. I agree that the Dow and S&P have a long way to fall, but from an Elliott Wave "Grand Supercycle" count, we're at the top of the final corrective wave and the fall should break through resistance at the 6365.97 level as depicted here and continue down to at least the 60's through 1982 resistance levels of around 700-1000. Personally, I'm double down 100% leveraged Ultra-Short on the S&P and the Dow probably until 2016 which should be the bottom of the deflationary depression, where it'll be time to switch and go long.