Trade of the Month dw

[Guest luckymaybe]

Hello all. What a time lately. My idea for the Dow. From the all time high the Dow has risen to the long term downtrend line. From here I expect a small swing lower to about 17250 with a rise back to a slightly lower high around 17550. I then predict a major swing lower towards the lows. Im afraid Im a bear and expect those lows to eventually break. Usually 3rd time lucky isn`t it, they say. But in saying that Im probably wrong. I have place this trade. good luck all.

[Mercury]

Hello Luckymaybe,

 

Welcome to the forum, can you let us know your rational for your forecast?  I tend to agree with the general direction, though I'm more reluctant to be so accurate with the levels.  There is a truism about 3rd time of asking being the one that breaks support/resistance but not sure there is any science behind that one...