DOW

Can today's candle be classed as long legged doji?

Anyone remember this?




Well it could ........



RMc

The battle between the bulls and bears continues, but it dropped off at the end of the session suggesting the bears are gaining control. The 15 min RSI downtrend from the bearish divergence at 14538 came perfectly into play at about 18:30 and did its job nicely:



dl.dropbox.com/u/20815047/Dow15min18_03_13.gif

Still needs a close below 14411 to signal further downside or a close above 14538 for further upside IMHO.

The dows like this a lot. it can change directions pretty quickly. Its a dangerous index to trade hence why it should be respected.After hearing all the craziness over the weekend you would have thought this index might have taken a tumble..lol...Its best to trade this index from important levels and never try and second guess this daddy. It has burnt a lot of people in the past and still does to this day. Its a great index to trade if you show it some respect.

Dow starting to look like its going to finish up.

Unbelievable!!!

hmmmmm its really incredible how news catches up with technical analysis and the waves.

WaveSurfer wrote: indeed - when you look at the DOW over the last 3 years there is an interesting time correlation & what appears to be consistency for medium term highs:

29 Apr 10 high - a correction followed ~16%
02 May 11 high - a correction followed ~20%
01 May 12 high - a correction followed ~10%

see chart & take note of march, april and may of 2012

dl.dropbox.com/u/40497882/Dow_3Years.JPG

in the short term, possibilities:

Int wave iii - march 13 highs
Int Wave iv - april 13 lows
int wave v - may 13 highs & completion of Major wave 3 of primary wave 3, what should be a Major 4 correction to follow.

on a side note - the Cyprus situation and the 10% levy is boarding on criminal imo, to think joe public savings in Cyprus banks will be less than what they were come Tuesday due to the bailout. makes me