Friday's dow...

ChartMan

Legendary member
5,580 46
Seems I was a little early with the back to 400 theory...
Friday's drop was not expected from the day before..We are now in a downtrend and have a pennant formation.Using the last drop for Fib. retracements, we bounced exactly on 50% at 445. The finish was strong and closed above the important 500 level.
Is this a pennant , with a big rise to come next week?
Is this a new downtrend?
I'll stick my neck out...for the following reasons.
Although I have noticed that the Velocity ,CCI and TCI indicators (15 min) have been very much contrarian at their end of day values i.e. when they indicate an up day will follow, we get an sellof at open...this time there is a magor trend break on all 3 indicators, as there was on the 24th July.
So. I say we go up. Any other opinions?
 

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