/biz/ - Business & Finance

The Back-to-back Directional Changed on the Daily level have played their role. They produced the first low and then the reactionary high. We closed weak below 25490 yesterday so we now see the result. The close today below 24000 warns that we are still headed lower.

The low is by no means in place just yet. We still see the risk of moving lower into the week of the 19th if not the first week of March. The dollar is still pressing higher and that is not the real issue. The Euro will be under some question going into the Italian elections the first week of March.

Silver is falling and gold is also failing to respond as so many expected - stocks crash gold up. As I have warned, gold is not yet ready for prime time.

Tomorrow, a mere week-end closing below 24695 will be a confirmation of lower prices ahead. However, the close today below 23920 technically warns that we may test the third Weekly Bearish Reversal down at 23250. Electing that tomorrow and there is a risk that this Panic Cycle Year will indeed break last year's low of 19,677.94 before this is over and we can do this all by March.

Keep in mind that 1987 + 31 Years = 2018. The closing today below the top of the Weekly Channel, 24,437.39, has significantly warned that we are going to see lower prices. If we penetrate the bottom of that channel, 22,439.76, then there is a very good change that we will break the 2017 low even by March.