timwest

DJIA - further description of past key support levels.

AMEX:DIA   SPDR DOW JONES INDUSTRIAL AVERAGE ETF
938 0 1
In this diagram I am showing how 20 weeks of time at one price has marked important levels in the past. After 20 weeks of time had built at the 80-81 level in the bear market and THEN once the market climbed above it and held, it was the start of a major 20-week rally. Then another 20 weeks of time built at 100.5-101.5 in late 2009 into mid-2010 and that setup another rally highlighted by the blue circle revealing "week 1" of the rally. Furthermore, the 20th week of the rally is marked also. We haven't tested this key 20 week support yet in this decline, but I have drawn in a way for the market to achieve this key test of support. I then would forecast a major rebound and another test of this support level. Remember that this is only conjecture and guesswork based on over 20 years of plotting these charts by hand.
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