DOW Update

ChartMan

Legendary member
5,580 46
Strewth what a day! A major tank on open to 9180 and a close of 9459,up 117 on the day. That must have been a shock to the system for a lot of people! A clear 300 point trading channel is developing, giving me the feeling of deja vue. Support, resistance and "mid value" are being clearly defined. The inverse head and shoulders looks like it has performed, although not quite reaching my suggested value of 9500, but not that far off. The diamond formation is now worth putting in the archives for future reference. I think we are going to carry on up as most of the TA indicators made higher highs...and more importantly, in most timescales. Another case of a totally over cooked start,followed by a substantial rally. The important thing here is the TA supporting the trend, and not a hint of divergence, except on the 1 min chart going into the close....but that's normal.
A pullback tomorrow to 9350 rising support and/or kissing the 100MA and away we go through 9500...Fact or Fiction?
One final thought....IF this is a bull wedge forming, the target is 9850.Nice!A break above 9460 AND hold will be confirmation.
 

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