Dow analysis

ChartMan

Legendary member
5,580 46
Plenty of indescision today, finding support at 9300 and resistance at 9350 and no clear direction at all, save a small rally from 9300 to 9380, designed to wake up those that had gone to sleep during the previous hour and a half. Fib retacement 62% from the high at 9475 to the low at 9084 is 9326..all ties in very nicely.
Some interesting things are happening here.....A new trend line is being formed( arrowed) from the low at 8950 to 9325;A possible inverse head and shoulders 9201,9083,9287, giving a theoretical upside of 9500....and lastly, something I have rarely seen, and know nothing about.... a Diamond formation ( arrowed).
We're moving up the trend line and the 100MA. There are two significant breakpoints...9300 and 9400 each having their own descisive path.....Difficult call...
 

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