DOW long term uptrend, short term downtrend, and looks like this downtrend will continue for a valid reason that the 12400 peak was already the Primary Wave III, Major Wave 1, DOW trading may be choppy for weeks time, with expected minimal rally, i’m betting on the short term downside for the upcoming few weeks, and short term and medium term support pegs at around 11,500 for the DOW. Around 6% more correction, we already had the 4% correction, so total of that 10% correction will be giving us a health market. Drop below the short term support line 11,500 will have the chance to give us huge downtrend turns of 10,000 to 10,500.
PSE market downturn slows down, and trend looks good with controlled drop with the market, I’m still waiting for TEL’s special cash dividend to be given to all, as we might get another 0.5-1.% market downturn if cash div is given. Overall, PSE looks so good, and looks very interesting to get into, short term downtrend is slowing down and long term/medium term support is really near the 3600-3700 area. I’ll be waiting for DOW’s overdue correction and TEL’s dividend before getting into this market and placing long term bets.
You know whats the good thing here? Daily RSI triggered a buy signal with its positive Divergence on RSI and MACD, the first time it happened in this months downtrend. A good signal that the downturn might see an end soon.
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