DJIA – Dow Industrial Average (Last:11952)

Dow Industrial Average (DJIA) price chart with targetsAlthough Monday’s tout for the E-Mini S&Ps implies a fall of about 200 points in the Dow, the DJIA’s chart itself suggests it could be significantly worse. I’ve flagged a pattern that projects to at least 11633, exactly 319 points below Friday’s settlement price.  The midpoint support here lies at 11908, so if the Indoos open a mere 44 points lower on Monday, they will be on thin ice, vulnerable to a further fall of 275 points. Please note that the pattern itself is a good one, with single-bar price points at all three coordinates and a point ‘B’ that has properly exceeded an important prior low. Those factors lend a high degree of confidence to the target itself.