Wednesday, January 20, 2010

Dow gave up 162 points within 1 hour

Dow gained 116 points at the close of Tuesday trading but fell sharply at the open on Wednesday, it gave up 162 points (1.5%) after one hour of trading due to poor earning reports by the banking sector and the bank lending restrictions imposed by the Chinese Government.


If Dow can hold about this level, it is forming a small a-b-c wave iv as shown in the 5-day chart above. Has to wait until the closing to reassess the likely wave form.

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