Dow down a fair bit at the moment, will see how it progresses....

Dow down a fair bit at the moment, will see how it progresses. Thought I'd throw up my XJO interpretation.



+Orange range completed
+Turning up from oversold
+Respected 1st lower warning tyne

-Failed to close above 23.6%FibR (March09bottom - Apr10top)
-MACD still poor
-Swing chart (not shown)
-Below the 195MA

At this point the daily swing chart gives estimated C (50%retrace) of 4672, however the swing hasn't confirmed a low yet. 4672 doesn't seem to converge with anything significant, among other things my gut feel says it has further to fall. Stochastic testing.

I'm used to charting stocks, not indices, so my apologies for any faux pas I've made. Looking forward to the return of the gurus.