The DOW this week 19/08 23/08

ChartMan

Legendary member
5,580 46
Moving on up and the small bull triangle delivered today. Will the major one deliver over the course of the week? Phase has not maintained the trend, but then I suppose it can't go up forever in line with the price. It just doesn't happen. I never have been able to figure out how the indiactors re-base themselves.....Suffice it to say I am concerned that Phase is now well divergent suggesting the move is coming to an end. Having said that, 8900 was well tested today and we closed at HOD of 8991.
 

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ChartMan

Legendary member
5,580 46
So down we came, but not crashing.We.ve moved into a tight range, having bounced off 8820 support and then off 8900 resistance.Bouncing off the top of the recent bull triangle gives hope that this will be support and the fact that the uptrend support has stayed intact.Unfortunately, the action later in the day has formed a Bear flag indicating a target of 8756. Finely balanced and no way to call the action.
 

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ChartMan

Legendary member
5,580 46
Getting harder to see any sense of direction from the action.It just seems to go where it wants to.:) There's a clear RS switch on TA and a new channel on Phase looks to be a reasonable fit. We are curently in a trading range from 8820 to 8990. Looks to be support for some more up with recent Phase making higher highs along with CCI and the price, whilst not making higher highs, has certainly made higher lows. So we just need to pop out of the 8990 top and we could be away again. There's still no reason why 9750 target can't be met soon......
 

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ChartMan

Legendary member
5,580 46
Still moving on up....Phase and CCI show RS switch and RSI is forming a nice triangle.The 8820-8990 channel has broken out. If we hold a clear 9000 support tomorrow, I think we will be away. I'd be totally convinced if there was a breakout on RSI or an RS switch. Whatever way it goes, there is a lot of support to get through before looking to some down side.....
 

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ChartMan

Legendary member
5,580 46
Too good to be true wasn't it. Just when it was looking all rosy in the garden the bottom drops out of the whole lot.Stil I did say that we had to hold 9000 to carry on and we never even got close with the overnight losing 70 odd points.From there it was all the way down hill. All the TA indicators dropped through the bottom support lines and there is an ominous 200 point beear flag that developed towards the end of the day.That would take us to 8730 region and potentially strong support.On the other hand, there is support at 8850...
 

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