Dow Intraday charts 03/06 - 07/06

ChartMan

Legendary member
5,580 46
Double bottom at 9800 eventually failed yesterday after a false breakout to 9863.Today continued the drop relentlesly to form a double bottom on 9600, ending in an Inv. H&S that may perform, given the fact that it broke out and bounced on the 100 MA.....
 

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ChartMan

Legendary member
5,580 46
The Inv. H&S performed, it's right shoulder having bounced off the 100 MA .:) Other things being equal, we are now getting TA performing to target, suggesting we are moving into a confirmed up trend again. Note the RS switches, the continuation triangle and the 3 cycle bull pennant all performing to target...The final Bull pennant didnt quite make it, but given TA is performing, I'm confident we will see it tomorrow at 9810. The question is, wil we pull back to support first? The nice steady rise and mid consolidation suggests not....
 

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ChartMan

Legendary member
5,580 46
What a let down today was. Yesterday looked like a nice setup , yet it was down hill all the way.The suggested target of 9810 never even saw the light of day...taking a dive straight from the off. What puzzles me is the long term PD over 4 hours , that did eventually perform off 9600, has eneded up as an after hours tank to 9510..... I guess it just goes to show you can't trust TA all the time.....Strange and unpredictable times ahead I feel....
 

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ChartMan

Legendary member
5,580 46
relatively easy trading today, picking up off the bottom at around 9500 with a good exit available at 9632 on an ND top. Not a lot left after that, except for the brave....drifting slowly down to the close at 9581, exactly on the 100 MA. Again, nothing much for the 7pm traders to get hold of... We could find support on the horizontal line 9568....
 

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