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Charts Predict: Dow 6,400 in Less than a Month

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Wednesday, Nov 19, 2008

The Dow Jones Industrial Average is set to sink to 6,400 within the next few weeks, Nicole Elliott, technical analyst at Mizuho Corporate Bank told CNBC.

“Any moment now I think we’re going to break lower,” Elliott told “Europe Tonight.”

“I expect this to be possibly before the end of November or very early December, I mean we’re almost on our way now and it’s just a question of how far down do we go,” she said.

The Dow [.DJIA 8424.75 — UNCH (0) ] managed to close above its October low of 8,175.77 on Tuesday, but slipped below that level during the trading session. Market watchers are divided on whether the recent lows mark a base from which to rally, or a pit stop on the way lower.

“This is not a base at all, we’re nowhere near bottom yet,” Elliott said.

After the initial sharp slump the index could fall further, but in a more gradual decline, according to Elliott.

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This article was posted: Wednesday, November 19, 2008 at 4:56 am

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