Dow Jones market retracment

[seagull339]

By my calculations, the Dow Jones Industrial has reached 6600 today: a 50% retracment.

The next major support is 5016 which would represent a 62% Fibonacci retracment.

I used 1982 as a base line since that is start of the long bull market run to 1200 in 2000 and dipping back to 7200 in 2002 and then going up to the high of a bit over 14,000 in 2007.

Let's see if the DJI holds around 6600 (+ or - 500 points) level or is it headed much lower.

[seagull339]

DJI hit 7100 today, up the +500 from the 6600 area. Now we will see if it retests the 6600 area or retracts a bit and continues on up. Forecasts and expectations are meaningless. Reality rules!