Will Dow Hits A New Low Again?
Wall Street hit levels not seen since 2003 on Wednesday, with the Dow Jones industrial average plunging below the 8,000 mark amid a dour economic outlook from the Federal Reserve and worries over the fate of Detroit's three automakers. Will Dow hits a new low again?
Dow is still in danger zone. In a last 2 months, Dow price graph creating Descending Triangle Pattern like shown in image above. If stock price breaks down the support line around 7750, Dow likely go down again to hit a new lot. This might happen if the recession fear worsen if Capitol Hill is unable to bail out the troubled auto industry.
Investor should stay away from the market, keep cash in hand, this November is critical point whether Dow breaks down the support line or not
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