Currently there is a lot of discussion by the talking heads about the DOW retesting the March lows around 6470 and the question on my mind is "what is the probability of this happening?"
In the chart above we can see that before the DOW can get anywhere near the March lows, it has to break down through the current support level around 8225 and then it has to overcome the support from the two moving averages - in the case above both the SMA are fibonacci SMA at 55 and 89.
Once past this point there is further support around 7435.
So what is likewly to drive the DOW through each of these levels in the short term?
