DOW

Who was it that used to post about Batman ears formations?!....we have one on the DOW, i was thinking about it at the end of last week thinking the charts were looking like one and then this morning has put in the start of the second spike!

I suspect the Big Boys are behind the recent selldown in DJIA.

In Feb 20, prior to the sharp fall due to the Covid-19 pandemic, DJIA was at a high of 29,566 points. On 9 Nov 20, it hit the same level but failed to close above it.

We see a small gap up as well so if the price action is reversing, then it is likely to close this gap. It could then stage a rebound from here OR tumbled down further to 26,000 level where it is supported previously.

There lies a possibility that it continues its bullish move and our next target is around 32,000 level. For that to happen, we must first witness bullish candles candles above 29,566 level. So, watch this level tonight.......

I"ve been watching the weekly candle, barring a massive rise tomorrow - pair it up with an island reversal over the weekend and things could be looking interesting.

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...PFmgNZjPOSPq3kjuo%3D

While Fundamentally things may be looking great for the markets.... with the Vaccine due soon and the huge rally to a new high...

Purely from a technical perspective i think warning bells are ringing imvho...

second lower low on the rsi....so negative divergence x2 on the both the last two peaks!
With US stock valuations sky high.....at the very least we should get some kind of p/b imho...quite possibly towards 26900....or maybe the low 26000's....

lets see...decent down day today...more to come i think.

atb, wdik, dyor,
trendfriend

I spent about an hour trying to work out what wave we were in now and decided it was best to give up and leave it for a few days.

...couldn't decide if we're in wave 3 now (with Mar -Sept move being 1) or if this is an anding diagonal...in which case we're in 3 of 5 before a dump?!

Either way it put me off so I decided to leave it for the day and hope a nice drop overnight gave us an island reversal to start the day off tomorrow

Hello everyone....
How are you all today?
Seems very quiet today