My fellow traders..it has been an ugly week on the markets..Clarity is what one needs in times as such..So one needs to look through the distorted speakings of the ones trying to calm the markets.. Martis always turns to the technicals..the technicals speak the truths of what shall ensue, of what has just become..
The dow jones breached the very important 12000 level..in my opinion, this triggered the dreaded C wave...hence the big fall ..today, the dow experienced some very wild swings..this to me, indicates distribution on a major scale.. Next major support is dow 11000..one would expect to bounce from such a level...not to high, just a few hundred points..Once the 11000 level is breached to the downside, dow 10000 comes into play..this is the mother of all supports on the all data chart.. a break below 10000 and 8000 comes into play... Now for the bad news..the all data chart on the DOW depicts the largest head and shoulder formation in chart history... measurement to the downside is dow 4000.
In our home land, we have broken down through some very important key supports across all sectors.. a retest of NOW resistance levels might come into play.. i see this as the last move up, before moving down towards the 2008 lows..
But what about QE3 martis? this would fuel a rise..but only to retest, what once was support....
The above, IS only the view and opinion of martis...
