Dow Jones Industrial Average Daily Line Break Chart, which uses closing price bars, appears to be on the verge of entering the proverbial "black hole " on the chart.
I've drawn an elementary circle around the price area on the Dow chart, where this almost "forbidden" event could occur.
It appears that recovery volume is quite lacking at this point, as traders simply stand aside,and watch..even as price declines, with no real impetus to do anything about it.
Could get a right shoulder lift to 26050 - 26140 at Sep/Nov/Feb pivot R. IMO there's just not enough new money coming into market to lift to a new ATH, but I been wrong b4. GLTA!
Princessgirl
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what indicator are you using on your chart represented by the yellow line?
Reletive Strength RSI Indicator is shown above,
for Dow Industrials Closing Price Only Daily Bar Chart
W3rN0tAl0n3
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I agree with you....I know another trader that I respect however that seems to think we aren't going to have another big leg down and that 3k (S&P) is on the menu for summer- we'll have to see about that, :-)
Yea, the 3000 S+P Level was being talked up by the Elliot Wave folks as well, prior to the Double Top above 2940.
Never know. Market will make that decision.