When bottom seemed to be falling apart in US markets, I had predicted that Dow will bounce back to 16588 At that time Dow had breached sub-15900 with ferocity of 500 points intra-day dip. You can check out my post here.
Next day I reiterated my view and kept a buy for Dow in this post. And next day again I was certain of Dow cruising to 16588 in this write up. I kept up the target of 16588 and beyond for Dow for two more consecutive days with these posts : http://shurojit.blogspot.in/2014/10/tailwind-on-us-markets-will-dow-gain.html and http://shurojit.blogspot.in/2014/10/european-markets-bounce-back-will-dow.html.
In yesterday's trade Dow reached 16588 and went beyond to close at 16615. That is completion of the first predicted move! You would recall I had mentioned 16600 to 16900 as correction zone for Dow in http://shurojit.blogspot.in/2014/10/dow-witnesses-healthy-bounce.html. Now that Dow has entered this correction zone, we need to watch behaviour of Dow very carefully for signs of deep reversal.
In all likelihood, today should be a flat day for Dow. We can expect Dow to drift into negative territory till the result of Stress Test of Eurozone banks is declared on Sunday. There is rumour that 11 banks are likely to fail this Stress Test. Lets wait and watch!
Next day I reiterated my view and kept a buy for Dow in this post. And next day again I was certain of Dow cruising to 16588 in this write up. I kept up the target of 16588 and beyond for Dow for two more consecutive days with these posts : http://shurojit.blogspot.in/2014/10/tailwind-on-us-markets-will-dow-gain.html and http://shurojit.blogspot.in/2014/10/european-markets-bounce-back-will-dow.html.
In yesterday's trade Dow reached 16588 and went beyond to close at 16615. That is completion of the first predicted move! You would recall I had mentioned 16600 to 16900 as correction zone for Dow in http://shurojit.blogspot.in/2014/10/dow-witnesses-healthy-bounce.html. Now that Dow has entered this correction zone, we need to watch behaviour of Dow very carefully for signs of deep reversal.
In all likelihood, today should be a flat day for Dow. We can expect Dow to drift into negative territory till the result of Stress Test of Eurozone banks is declared on Sunday. There is rumour that 11 banks are likely to fail this Stress Test. Lets wait and watch!
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