DOW

As can be seen from the chart this broke out nicely



dl.dropboxusercontent.com/u/4899609/dow17thnov.png

I thought this may be interesting for some.

2009
The Christmas rally started on 2nd November and by 31st December the peak achieved was 902 points

2010
The Christmas rally started on 29th November and by 31st December the peak achieved was 696 points

2011
The Christmas rally started on 28th November and by 31st December the peak achieved was 1096 points

2012
The Christmas rally started on 16th November and by 31st December the peak achieved was 894 points

2013
??????? As there was no low formed yet and based on the previous low ,the low may have been 9th October so the Christmas rally may have started well early.

Bottom line is
since we have clearly broken the channel there is good reason to think the dow can put another thousand points on this rally by Christmas


Fingers crossed

Hi longterm_view
thats the problem with 24 hour charts ,you cant really use them to trade accurately. I will never trade of a trend line based on IG Charts.

longterm_view wrote: I don't know if it's just my charts, but they never look like yours Remo.

I use IG charts and because they use 24 hourm it seems to ruin trend lines etc. (I have asked if you can only have market hours but IG have yet to comment)

If you see my chart for hourly, I put a line on 22/10 & 7/11 highs, i then copied the line for lower and put on 15/10.

In your chart neither line has been breached, but in my chart, both trend line have been breached. More than once

dl.dropboxusercontent.com/u/21384991/Scr...%20at%2012.32.30.png

I don't know if it's just my charts, but they never look like yours Remo.

I use IG charts and because they use 24 hourm it seems to ruin trend lines etc. (I have asked if you can only have market hours but IG have yet to comment)

If you see my chart for hourly, I put a line on 22/10 & 7/11 highs, i then copied the line for lower and put on 15/10.

In your chart neither line has been breached, but in my chart, both trend line have been breached. More than once

dl.dropboxusercontent.com/u/21384991/Scr...%20at%2012.32.30.png

could this be the start of the Santa rally????
I hope so...

Dow looks like its going to breakout today from the top of the channel. Due to the close proxemity to the top of the channel it's likely to breakout so shorts on first attempts should not be executed.


dl.dropboxusercontent.com/u/4899609/dow14thnov2013.png

The top of the channel is at 15852 . So a breakout above this could signal a move to 16850 as the channel is 1000 points long.