DOW update for Friday

ChartMan

Legendary member
5,580 46
Bit late but...we got the expected rise from a tripple bounce at 9080. This is now, I feel, more than just a pullback from a major downtrend. Also , as stated last week, the Elliot wave down got terminated and this is further confirmation, if needed.
The positive divergence worked well, finishing with a very strong rally after a dismally boring and paint-drying start. BUT, again, the rise seems too steep to be sustainable, and I suggest a movement back to the parallel imaginary rising trend line drawn through the bottom at 9080, or possibly the middle less acute trend line... Either way we may see a drop to this new trend line for support. RSI and CCI, though,have excellent strength on the 10 min chart. The top line neg. divergence trend lines of both are about to be broken, and if they do, substantially, then we should get some good positve moves next week.
Resistance will be seen at 9200,the 100MA (9243),9250 and 9300.IF we are lucky, the DOW will have the strength to close the gap between 9250 and 9375, going on to retest 9400.
Wouln't that be nice.......
 

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