At the moment, 50% Fib level seems to be holding. If it does, it would signify the terminating of Wave 2, a corrective a-b-c wave from previous high.
Next Fib Level support, is at 61.8% or 10,840. And the all fail switch is at 10,700 of course. Breaks that, all bullish bets are off.
Keeping an eye on DAX at the moment as well. An indicator of Europe's sentiment which increasingly has a psychological bearing on the Dow these days.
I take the DAX, the Germany's Stock Index, to be the yardstick and the sum of all thinking and decisions out of the EuroZone or otherwise.
DAX, as per last post is sitting on 38.2% Fib retracement and also a significant support zone.
Going out on a super limb here to be a contrarian bull among the bears everywhere. I have no fundamental to back me up just a gut feel that a rally could be in the offing sooner than later.
Do feel free to leave me a note of suport or resistance to this post .
