While the measured move target for the Nasdaq is more shallow and doesn't reach the lower channel line (today's loss almost puts the index there).
Whereas the Russell 2000 has a measured move target below the channel line. However, today's sell off was enough to undercut the 50-day MA.
The Dow has already reached the lower channel and unlike the aforementioned indices its measured move target undercuts the 200-day MA and sets up a move back to March levels - this is an ugly chart, although for Wednesday there is a day trade long off channel support.
Other than the Dow channel support trade for tomorrow, a short trade to measured move targets is the preferred opportunity.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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