Dowjones respected 50%, 62% and 80% Fibonacci resistance levels and offered correction opportunities for shorting and then long for re-entry at lower levels. But after crossing 80% level though reversal candles are forming, Dow continuing its upward momentum. If the current rally do not end in 13200-13300 zone it will have much higher targets. At the start of this week, it looked like Dow set for a correction but some good (?) economic news and QE3 hopes faded the hopes of a correction. Lack of momentum may offer some correction soon. Dow may correct upto 12950 or so. However a sustained cross above 13300 may trigger another sharp rally to shake out weak shorters and end the rally around 13500-13750. Any move in this zone is a very good short opportunity.
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