History will remember today as another black day, as stock markets around the world have collapsed due to the conflict between Saudi Arabia and Russia regarding oil production and prices. The Dow Jones witnessed the worst trading sessions in a single day in history and the worst decline since the financial crisis in 2008, as it decreased by more than 2000 points and by 7.8% while oil declined by 30% when the market opened on a daily basis. Referring to the strong trend towards safe haven assets, the Volatility Index CBOE, Wall Street Fear Index, hit its highest since January 2009 at 60.17 levels, up 44% on a daily basis.
Technical Analysis:
The Dow Jones continued its decline below 26837 to achieve our main targets at the 180th angle and the price 24310 and 23600, which represents the weekly average of 200 that responded the price more than 1000 points so far.
The outlook remains negative by trading below the 180 angle on the 4-hour time frame shown above, specifically the levels of 25272-255566, and with these levels steady, the index targets 24650 - 23890 -23110, respectively.
Penetration of Angle 180 opens the way for a retest of the 27093 Summit from which the crash began last week.
