Finally, Nasdaq has dropped below the neckline of its 'Head and Shoulders' pattern in tandem with Dow and S&P 500. It has not yet broken its longer term lower support.
Similar to Nasdaq, Dow is able to hold above its longer-term support line. I expect Dow to break its lower support level in the next few days to confirm the formation of its major wave C. It is currently forming its sub-wave iii of its wave 1 of major wave C.
Similar to Nasdaq, Dow is able to hold above its longer-term support line. I expect Dow to break its lower support level in the next few days to confirm the formation of its major wave C. It is currently forming its sub-wave iii of its wave 1 of major wave C.
Major wave C is expected to drag until end of 2012 or early 2013.
London FTSE is able to hold above its lower support line. I expect it to break its lower support in the coming week.
German DAX has dropped below its lower support, very bearish.
French CAC 40 has also dropped below its lower support, the neckline a major 'Double Tops' formation, very very bearish.
Australian All Ordinaries's chart is very similar to that of the French CAC 40. It is a major 'Double Tops' reversal pattern and it has dropped below its neckline.
Hong Kong Hang Seng index has dropped below the lower resistance line to confirm the major wave C.
Singapore STI has been moving side-way for quite a while just below its lower trend-line. However in the last two days it has started to speed up its decline to pull away from the lower trend-line.
Bursa Malaysia Industrial Index has managed to stay on top of its lower support level. I expect it to go below this lower resistance in the next few days.
For the first time in history, S&P has downgraded US credit rating. I take this as a signal that the big boys have distributed enough of their stocks and have decided that it is time to push the market lower.
Even Alan Greenspan, the Ex-Chairman of Federal Reserve of the US also came out to make stament that can give the market a good push to the South.
London FTSE is able to hold above its lower support line. I expect it to break its lower support in the coming week.
German DAX has dropped below its lower support, very bearish.
French CAC 40 has also dropped below its lower support, the neckline a major 'Double Tops' formation, very very bearish.
Australian All Ordinaries's chart is very similar to that of the French CAC 40. It is a major 'Double Tops' reversal pattern and it has dropped below its neckline.
Hong Kong Hang Seng index has dropped below the lower resistance line to confirm the major wave C.
Singapore STI has been moving side-way for quite a while just below its lower trend-line. However in the last two days it has started to speed up its decline to pull away from the lower trend-line.
Bursa Malaysia Industrial Index has managed to stay on top of its lower support level. I expect it to go below this lower resistance in the next few days.
S&P has downgraded US credit rating from AAA to AA+
For the first time in history, S&P has downgraded US credit rating. I take this as a signal that the big boys have distributed enough of their stocks and have decided that it is time to push the market lower.
Even Alan Greenspan, the Ex-Chairman of Federal Reserve of the US also came out to make stament that can give the market a good push to the South..
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