Emini Dow Jones we wrote 'any recovery is unlikely to last long with immediate resistance at 16380/90'. Prices topped exactly here & collapsed to test
Emini Dow Jones December contract Daily Forecast - 15 October 2014Emini Dow Jones we wrote ‘any recovery is unlikely to last long with immediate resistance at 16380/90’. Prices topped exactly here & collapsed to test August lows at 16208. So far we have bottomed almost exactly here at 16195. This is crucial today. If this does not hold the downside look for further sharp losses to 16112/02 then important longer term Fibonacci support at 16020/000. Below here however targets April lows at 15885/880.
Once again immediate resistance at 16380/90 could hold a move higher, but above here look for a selling opportunity at 16430/35 with stops above 16475. A break higher however is more positive in fact & could target 16515/25, perhaps even as far as 16570/580 for a selling opportunity with stops above 16620.
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