DOW

This has had a nice retrace now so im looking to go long at the next support level for a quick trade.
A good area to go long is at the 38.2 fib level which is at 17180 with a 40 point stop.This area also has horizontal support so worth a first attempt trade from here.


dl.dropboxusercontent.com/u/4899609/dow15thdec2014.png

This is in a strong uptrend so its best to only take long positions on this. Obviously for new longs you have to wait for a retrace to happen. This is still in the santa rally stage....lol...
So going short will be a total gamble from current levels.


dl.dropboxusercontent.com/u/4899609/dow30thdecember2014.png

Does anyone have any thoughts on this ones current direction? It's been a while.

I could be wrong, this is the bad boy Dow after all , but the more i look at this the more this looks like its getting ready for a pull back, it may be a small drop, but it should come down imho.
Daily Dow Chart, this is near the top of the rising channel, and note the bearish Div on the RSI.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

This is a close up of the daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

weekly shows the RSI div better.
uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

We have Bearish div, RSI at resistance, and a gap to fill, this should make make its way down imho.
The top of the channel is 17492 (tomorrow) rising daily, it could hit that level and make its way down.

Regards,
Trendfriend.

I'm already on board long and strong for the Santa Clause rally!

Good call BG.
Just be careful, move stop to profit, and dont get tempted to move it again imho.

Keep banking coin with Dow, as can come back and bite hard

Regards,
Trendfriend.