Cookie Policy

Chartsview Blog

The Latest Blogs from Chartsview

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Archives
    Archives Contains a list of blog posts that were created previously.
  • Login

Dow daily 22/05/13

by in ChartsView Blog:
  • Font size: Larger Smaller
  • Hits: 3351
  • Subscribe to this entry
  • Print




Here's the chart from last night's close. We can clearly see how the Dow found resistance at the top of the channel after exceeding the 161.8% Fib (see comparison with S&P500).
The difference here is that the Dow has a much more parallel support giving a better defined channel. We have the same 7 waves inside it so, again, I suspect that last night's top was the top of subwave 3 (made up of the 5 waves up from 31 Dec).
What this suggests is that the current drop is likely to fall back to the channel support for one last rise to complete the move up from Nov '12. A more protracted, but fairly shallow, retrace should follow that so the mid to late summer ought to follow the usual pattern followed by a decent winter
Trackback URL for this blog entry.


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Wednesday, 17 August 2022