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1800-Point Plunge Coming for Dow?

By: Rick Ackerman, Rick's Picks


-- Posted Thursday, 20 November 2008 | Digg This ArticleDigg It! | Source: GoldSeek.com

Rick’s Picks

Thursday, November 20, 2008

“Phenomenally accurate forecasts 

If the Dow Industrials fail to hold above 7995, we’re projecting a whopping 1800 points more downside over the near term, to at least 6195.  The target comes from a forecast that went out to subscribers on October 22, when the blue chip average was trading above 8500. At the time, we projected downside to at least 7995, a Hidden Pivot “midpoint” associated with the lower target at 6195. According to the Hidden Pivot Method, a decisive breach of the midpoint implies that the target itself will be reached, as it was yesterday. Moreover, if support comes precisely at the midpoint, its subsequent breach would imply that the lower target is likely to be reached with equal precision. 

Under the circumstances, and using a very tight stop-loss, we would be aggressive buyers of shares if the Dow were to fall to 6195. That may seem like a promising opportunity for someone currently holding no position, but it would be scant consolation to those who plan on sticking with their existing portfolios come hell or high water.  (Of course, the forecast could go awry, and the Dow could rally strongly without getting anywhere near the target. But even if that were to occur we would not necessarily be caught unawares, since subtle signs of a turn would be evident on the intraday charts before a significant rally could develop.)

***

Free Hidden Pivot Demo

If you’d like to see Hidden Pivot analysis in real time, during market hours, there will be a free 45-minute demonstration online today at 1 p.m. MST.  Seats are limited, so if you want to attend this demonstration you will need to register soon. You can do so by clicking here and following the instructions.

***

Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2008, Rick Ackerman. All Rights Reserved. www.rickackerman.com 


-- Posted Thursday, 20 November 2008 | Digg This Article | Source: GoldSeek.com


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