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Dow Repeats Great Depression Pattern

Grim17

Grim17

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This sounds scary

Dow Repeats Great Depression Pattern: Charts

The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday.

“Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.

The Dow retreated 457.33 points, or 4.5 percent last week, to close at 9,686 Friday. Guppy said a Dow fall below 9,800 confirmed the head and shoulders pattern.

The Shanghai Composite is seeing a very rapid collapse, falling below 2,500, which suggests the major fall in the Dow, he added.

In the European markets, Guppy says Frankfurt's Dax is witnessing a different pattern to London's FTSE.

Guppy uses the broad trading band as measurement- giving the Dax a downsize target of 1,500. The same head and shoulders pattern seen in the Dow can also being seen in the FTSE, he added.

© 2010 CNBC.com
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Grim17 said:
This sounds scary



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Let's hope not. I'm not yet willing to pull all my cash out of the bank and stuff it in my mattress. Though I am going through my mothers old canning books... think about a depression. What happens? Lots of unemployment, costs go up, food becomes harder to by, clothes --- etc. I don't know what a depression today would look like --- in the 1930's we had a very different society and very different culture. I'm afraid that today a depressiotn would be much more violent than before. Riots, gangs, people would be defenseless and the strong would overpower the weak to get food or money or whatever.

If an impending depression becomes a reality - I'm getting a few more guns some extra security precautions and I'm going to hunker down. Scary yes...
 
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