We broke out of this pattern last Friday, green boxes are targets. Careful that we don't form a rising wedge continuation to the downside. Green boxes are targets.
The Dow Jones produced an intraday rally towards 23327 levels yesterday but it still remains vulnerable to turn lower one more time and print below 21400 levels. Looking at the wave counts, the Dow Jones seems to have completed Waves (1) and (2) at 24120 and 26000 levels respectively. Since then Wave (3) has been in progress lower and has produced 4 waves. The 4th...
The Dow Jones is progressing well into its Wave (3) at a higher degree as labelled here. Within the 3rd wave, a lower degree wave iv was unfolding last week and we had discussed the possibility of its termination around 23200/300 levels. Last Friday, Dow Jones managed to hit 23365 levels intraday and closed around 23000 levels as seen on the chart displayed here....
DJ:DJI CBOE:VIX DJI is in a clear downtrend. The market formed a double top, broke the neckline of current formation, and completed its first bounce. After the bounce, which I suspect is almost over, the market will continue its' downtrend.
Some elegant prose should be offered here to usher out 2018. Perhaps a bow of the head and a moment of silence. Last trade day of the year. What are we to expect? Fridays trading was underwhelming. The price rose to 23381, testing the floor of the S/R level (23360) which was set back in February 2018 and broken last week. Closing the week off at 23062. Now,...
DJI had a lovely 5% rally today but as you can see from our 4 hour chart it has been respecting a very strong trend line it has been using as resistance, price is coming up to test this level again and we are expecting another clear bounce. We can also see another economic crash coming in the not to far future, all signs are pointing toward this. All entry TP...
Technical Analysis and Outlook As shown on Nov 24 chart analysis, DJI inner Index Dip 23210 was completed as of Dec 20 trading session, while Current Index Dip 23365 is open for business. There is two additional Index Dip outcome for mid-long term perspective. Currently, we have two strategic resistance levels to be aware of. Mean Res registered at 23223 ...
Mark Douglas on Chart Patterns: We can use all the various tools to analyze the market’s behavior and find the patterns that represent the best edges, and from an analytical perspective, these patterns can appear to be precisely the same in every respect, both mathematically and visually. But, if the consistency of the group of traders who are creating the pattern...
2 gaps ready to be filled. Likely tomorrow before the next run up to fill the single gap overhead.
DJI looks very interesting and ambiguous. There are two patterns on the chart: the first one is bullish (double bottom), the second one is bearish (double top). Waiting for resistance (27000) and support (23500) tests. But resistance is stronger, because growth after the end of the 2008-crisis was also strong. Short looks more realistic, then long. Waiting for the...
We are still in the big zigzag wave three. After the coming Small abc wave, coming the last downward wave complete the wave three.
Mid-terms behind us, upward pressure continues after gap up. Predicting new highs by the years end.