Wall Street crumbles, target likely to be at 6,600 points

The Wall Street falls heavily again today. After falling 427 points or 5% yesterday, the Dow Jones Industrial Average falls another 5.6% today at 7,552.29 points. The immediate and crucial support of 7,800 points was broken and this means that the correction in the down trend has resumed.

The next target level is at 6,600 points, based on the correction pattern on the chart since mid October. The longer term target is at 5,500 points based on a expansion of the down trend since August 2008 when the DJI was at about 12,000 points.

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Article contributed by Private Trader, Market Expert, Trading Coach and Chief Market Strategist of Nextview, Mr. Benny Lee. For more articles and commentaries from Benny, click HERE.