17 May DOW / FTSE Target Price Levels
Selling on Indices is pretty much established now so unless you are already in swing shorts, entering positions now based solely on the targets detailed in this post is probably not worth the risk for the small potential reward.
However, if you are already positioned here are some levels that will have me watching closely to gauge how price reacts.
Projected 15 min channel suggests 12,390’s will receive a visit:
4 Hourly trend line targets 12,390’s
Daily 200 MA at 12,390 No way we are going up in the medium term without this being reached:
The old FTSE triangle dying to get back tested:
One thing that’s been discussed on my forum is the fact that the sell off has been so orderly. This isn’t unusual but it often means there can be surprises when least expected and more often than not those surprises are in the direction of the trend, therefore be aware that a dead cat bounce may be seen from some of these supports followed by sudden heavy selling that smashes through them. I do have some DOW shorts running but wont cover all of them at the targets detailed above, so any intraday long positions I try will effectively be hedged, and will most likely be running fairly tight stops, ideally getting stops to break even as early as possible, or more likely taking profits quickly until we have confirmation that a short term low is in place.