08.18.2011

I do not think there is much need to comment on the Dow Jones chart. The video below has silver covered and there will not be a silver chart until after 11pm New York time. However, these two charts on the Dow Jones show me things very clearly to clarify the August moves we are facing to be light and thus watch out after Labour Day. Long term if the 10,500 area does not hold I am looking at one hell of a failed move that confirmed that the selling 2008/9 was a failure! Oh wait! What? YES, something has to fail and thus a fast move taking us at least to the old highs at 14.2K or the lows at 6.5K with possible breaks. On the short term time frame there is two 38.2% hits as I look at this where it was resistance prior from the July highs and since then it has been having a hard time with the 10,950 area. If this area does not hold, then this tells us the move that makes the secondary levels is a failure which means another test of the more longer term fibonacci support level. It's unfortunate many peoples life savings are forced into this Russian roulette game!