Dow Intraday charts 07/07 11/07

ChartMan

Legendary member
5,580 46
More up and a nice channel developing, broadly inline with the 100 MA. The triangle on RSI is the one to watch.Plenty of room for upside. I said last week there was another 100 points in it, to give us 9243.
 

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ChartMan

Legendary member
5,580 46
Difficult call as it was near the open, but taking the 3 peak ND top could have earnt you your points for that day in a matter of an hour or so. The rest of the day, sadly, was a bore. Crucial thing here is ES holding onto 1000.
The target 9266 has to be taken as "met" at 9260, especially as it was 100 point move. Where exactly do you take the baseline from?......
 

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ChartMan

Legendary member
5,580 46
Great channel formed now. Two highs three lows one more high to confirm... This looks 5th leg up wave , not that Im a great fan of elliot over longer time scales. It's ok on the 1 min charts....Triangle development in RSI continues so you still need to watch for the break one way or the other. 9350 is not out of reach. If we get there, then it will be truly exciting.... Forget bulls bears overvalued blah blah, just play the charts as they unfold.
 

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ChartMan

Legendary member
5,580 46
Finished well up , but it makes me nervous as top whether it will continue tomorrow.... Note how close we came to the 10 min uptrend support line later in the day....
The opening Bear flag had a favourite characteristic- a failed final peak that didn't make resistance- sure fire confirmation of delivery. Hard to call the bottom unless you made reference to ES volumes, but a nice combined W and Inv. H&S that met target. I missed the bump top and therefor the following rapid drop that took me by surprise! I got the bottom though, again referencing Vol on ES`U.
Nice triangle at the end adding a few extra points. Not a lot of clues today for jumping in early with any degree of certainty except the opening bear flag and the final triangle. 9200 support gives a nice long entry at 9220 if we don't gap up in the morning, with a stop on 9200 loss.
 

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ChartMan

Legendary member
5,580 46
Oops channel gone and a new parallel line drawn now. Not a lot can be said about today,really. The bear flag delivered, and more and then a boring uneventful drift back up to test 9200. ES just managing to recover to 1000 at the close. Who knows where we will go tomorrow.
 

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Bigbusiness

Experienced member
1,408 23
Thanks for the charts ChartMan. I like looking at them and seeing what I could have made :)

I did spot this inverted head & shoulders that fell just short of its target.
 

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ChartMan

Legendary member
5,580 46
Got that wrong and now it's down... but a late recovery looks set for upside tomorrow. RS switch at 17:51 worked, but took ages to go anywhere. Worth noting the open PD didn't work, as per normal, don't trust them, but the later divergence off the RS switch did work a treat. The key was the failure to break 20 RSI for the third time on a third lower low at 18:03. 9000 held here so I think we'll be up tomorrow.
 

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bansir

Well-known member
494 42
Bigbusiness said:
Thanks for the charts ChartMan. I like looking at them and seeing what I could have made :)

I did spot this inverted head & shoulders that fell just short of its target.
Hi BB,
Well spotted on the Inverse Head & Shoulders, certainly enough points in it to make it worth a shot, even for spread betters.

I think CM mentioned he has a different method of calculating the IHS target. Maybe his method would have deliverd?

Best Regards,
Neil
 

ChartMan

Legendary member
5,580 46
Yes it would.... see the chart.
 

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F

ford

0 0
Was doing some cross market analysis and came across this beauty.

Falling wedge is typically bullish so perhaps more upside ahead?
 

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