The chart ultimately proves the statement: "Most of the investors sell at the bottom". Think about it! Best CapitalHubs.com
good long level, Everyone is shorting, we wash back into uptrend channel. Shorts forced to cover, longs start to buy.
The rising wedge seems to have hit its top in a resistance zone. A break through the downside would confirm the pattern. A reasonable target for it would be the 50% Fibonacci retracement, at 129.00 (12900 on DJI index)
This is a purely technical guesstimate for how the market will advance given the pschological, sentiment, monetary, economic environment as I analyze it. The waves are just guesses based on market reactions to visible support and resistance levels. I "saved" this yesterday with the DIA at 128 and now with the market back up to 129.70, it appears that the support...
I updated the data, but didn't change any of the forecast lines. The market is eerily tracing out the pattern.
I have made no changes to this chart. I only added updated price bars by hitting the "make it live" button.
This is an update from my last 4cast made on Sep 25, 2011 here at TradingView. At that time I pointed out KEY SUPPORT at 101.5-100.5 but upon closer examination there were 20 weeks of time at 104 also and you can see in October that 104 was tested and held. What has also happened is that 20 weeks of time has built at the 112 level and that implies that the...
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...
I am presenting the Dow Jones Industrials by way of the DIA etf. The market could very well find its way back down to what I view as the most critical amount of "time-at-a-price", which occurs at any level where there is 20 weeks of market time (within the weekly high-low price range) at any given price. You can see clearly that from the bottom in 2009 at 72 up...