ICmarkets

Long the DOW from 17182, anyone see this index moving higher?

FX:US30   Index of top 30 shares on Wall Street
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Weekly Timeframe: The weekly timeframe shows that for seven consecutive weeks price has been teasing the ignored weekly Quasimodo level at 17135. Provided that the buyers can continue to hold the market above this barrier, our overall bias will remain long.

Daily Timeframe: Yesterday saw the DOW beautifully rebound from a daily demand area coming in at 17032-17186, which if you look to the left at the high 17135, you’ll see price literally reacted to-the-pip at the aforementioned ignored weekly Quasimodo level.

4hr Timeframe: For anyone who read our last report on the DOW, you would likely remember us mentioning to watch for buying confirmation around the 4hr decision-point demand area seen at 17084-17150 (located deep within the aforementioned daily demand area). As you can see, price did indeed react to this area, and as such we found a picture-perfect buy entry on the 30 minute timeframe. We entered long on the fake below the low 17149 into the weekly ignored Quasimodo level (see above) at 17130. Our actual fill was 17182 at 10:30am GMT             time yesterday. Our first take-profit target has already been hit at 17254, now we’re just watching how price action behaves around the small 4hr Quasimodo resistance level at 17500. Ultimately, a break and retest of this level would be fantastic, as we have our final target set around the 4hr supply area seen above at 17698-17663.

Current buy/sell levels:

• Buy orders: 17159 (Predicative stop-loss orders seen at: presently set at breakeven).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).



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