it doesn't need to be said that volatility has been wild lately. So it is best to look at the dow in context. There is that much discussed triangle that has been forming. From here I have a few scenarios in mind to watch out for.
1. the short steep triangle (blue lines) remains in tact. The night before last was the beginning of a breakdown....last night was a too little too late retrace and as the nights go by now the curve will get steeper falling into the abyss again.
2. Edwards and Macgee tell us that triangles can be tricky little devils. They can break what you thought was the up and downsides such that you need to redraw the triangle to be longer and less steep (as per the yellow lines) a rally now to around 9600 will confirm the new triangle
3. assuming the new triangle then a break below 8000 and it's goodnight Dick no matter how you redraw your triangle.
4. a breakout above 9600 will see a rally on for young and old.
it doesn't need to be said that volatility has been wild lately....
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