DOW

Looking at The Weekly Chart below

It's Nearly the end of the week & today we may end up seeing that Hammer Formed on the Weekly Time Frame near to the 200 dayMa

www.dropbox.com/s/v2b931tc8fbi8k5/DJ30%2...thAugust%20.png?dl=0

Looking at the Fibonacci retracements:-
The Low of 15370 on 24th August is around the 38%(15315) retracement from 2011 or just below the 23% Fibonacci of 15547 all the way from 2009.

now that we see a finished above the Main Trend Line, i think Looking at the 200 day Moving average is important, which is currently 17213 & is 61.% back the other way from 24thAug & do need a move above this for me to be thinking this is not a dead cat bounce!

www.dropbox.com/s/uyqk82qoiokqwnj/DJ30%2...20TrendLine.png?dl=0

What are the implications that it has "pierced" the trend line?
Can this signal more downside to come?
Likely a relief rally ?

This looks like it closed back above the trendline today...
Weekly chart...
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

Close up shows a nice hammer on the weekly, lets see how it closes tomoorrow... it could a sign this will move higher...
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI
Regards,
Trendfriend.

the dow has to finish and stay above the broken trend line for a few days to negate the break. The dow is way to volatile currently to place any real good trades. Ive not seen it this volatile for ages.
This period in the year is normally when the traders are away on holiday.go away in may and come back in September .

i was looking at this closely this morning, and i came up with chart below...(the chart does'nt show todays action)
Then i saw Remo's post and i wasnt brave enough to go against him and post it here... lol
This is the chart.. Monthly Dow...
uk.advfn.com/p.php?pid=chartscreenshotsh...9Q=&symbol=undefined

I was seeing that every year around july/aug and early sep, we get a big pullback...
You can see what i mean with the red lines in my chart...

I don't trade indices, just keep a eye on the dow, coz its the leader...
I was thinking this was just a Aug pullback/correction... although this is a stronger, and a bigger pullback than most years, its still only a Aug pullback.... its to early too say this is end of te bull run imho...
I'm thinking this will now rally into year end and even possibly make a new high....

Now i've posted this, watch it tank tomorrow...

Regards,
Trendfriend.