Dow Jones, like the S&P, are destined to rise before the long-awaited correction.
Judging by the volume of the past month or so, large bets have been placed on the long side. As for the past trading day, the large volume bar was a pseudo-indecision bar.
I'll be on the sidelines for right now, as I would have entered at the completion of the Gartley that formed.
In 2008, the IWM completed a head and shoulders top two months before the SPY and DIA did, effectively predicting the coming crash in the SPY. Is the same happening today?
I will still wait conservatively for monthly and weekly time-frames to confirm any bearish scenario. Look at the clearcut price action 2007 - 2008 and compare this to now. We have all the time in the world, picking tops is for amateurs....:-)
Friends,
A very short note here regarding the Dow Composite Index.
Using proprietary patterns, an unusually narrow potential zone of reversal is defined. All of these can be verified by major or minor Fibonacci levels as well.
Both mean and average are defined as well. By reverse engineering a Fib-based retracement at the 38.2 significant level, this would...
Friends,
About 5 months ago (October 30th, 2013), I offered a moderate probability target at 5786.81. As of this this month, target got hit dead-on.
- Here:
More recently, I added a lesser probability target, based on momental line/channel supports and predictive analysis result.
- Here:
Now that the market has rolled down from the primary target, there...
