Dow Intraday charts 12/Apr - 16/Apr

[ChartMan]

New week. Is this a big bull flag developing on the 10 min? A failure to make 494 support for the third cycle may be a precursor to a nice overnight long....

 

[ChartMan]

10 min bull flag with 620 target... Inv. H&S target around 560 ish

 

[ChartMan]

Quick 40 points off the open pullback to 520, and then nothing but boring fo the rest of the day whilst a big stretched bull flag developed. That has a target of 580, but from the 10 min chart, there needs to be a pullback in RSI to get there. 570 tops resistance may get in the way....

 

[ChartMan]

I know I said we needed a pullback but that was ridiculous! Never even made 570 resistance and pre market looked so promising.... That's life.. Certainly room now to go back up, CCI hitting - 300 again.

 

[ChartMan]

Volatility rules... almost 200 points in a straight move.. Under the 100MA all the way down to the divergent bottom off 364. Key points,short entry at the open as 532 fails to break, holding in at the feeble attempt at 500.Nothing happening at 464 and another half hearted attempt at recovering at 432.....

Maximum pullback around 20 points...

 

[melsmail]

Hi CM Just trying to get the hang of this. Looking at 1min ind would not the Diverge be a buy signal also rsi rises from 10420 area.Would the 432 area be a channel 10480 to 10430=50 =10380. There is a fib number at 10361. Thats how I read the chart as it unfolded, any of it correct?

 

[ChartMan]

Yes ,correct, the fib retrace is 38%from 10k lows to 10,550. Channels are right too.

 

[ChartMan]

Divergence on the double bottom and a W forming, maybe, sets up a possiblse breakout of the channel.

 

[ChartMan]

A ride up the 100MA, d/top/failed bull triangle and a ride down the 100MA. Good PD bottom off 330 for a few more points....

 

[ChartMan]

The "W" failed to deliver, taking another hit at support and continuing with the Divergence, now into the third day. Three days divergence will usually deliver....

 

[ChartMan]

Another tricky day with little clues as to direction, save at the extremes...

 

[ChartMan]

No surprise really that the 3rd day divergence delivered, although only 80 points to the good....

 

[ChartMan]

Ehat happened to all the divergences? Only a couple today, and they were a bit thin..The only clue to picking the top was the OR RSI at 82...

 

[tradesmart]

CM - I find the 5 min chart RSI often gives a clearer picture of the major divergencies than the 1 min...

Regards :cheesy: