DJIA – Dow Industrial Average (Last:25339)

The Dow looks primed to fall at least another 750 points, so it’s no time to let your guard down. Thursday’s obligatory bounce came from just inches beneath the 24,965 benchmark I’d proffered Wednesday night as a minimum downside objective, but it didn’t get very far. By day’s end the Indoos were falling anew, on track to hit the 24,298 target shown. That’s a Hidden Pivot support of intermediate degree, and if it fails to contain the selling, expect more slippage to at least the 23,997 low recorded in June. We’ll be looking for a ‘counterintuitive’ bounce from somewhere near there, so stay tuned to the chat room for real-time guidance if you’re keen to bottom-fish. ______ UPDATE (Oct 14, 4:08 p.m.): The bounce off Friday’s sold-out low generated a ‘mechanical’ short at 25,284 (i.e., the green line shown in the chart), stop 25,612. The trade is predicated on the 24,298 target given above. If and when the Indoos slip beneath Midpoint Pivot p=24,955, particularly if they close beneath it, that would imply more slippage straightaway to the target.