DOW broke out 17-month triangle last week and today confirmed break with test of the trendline.
Decisive weekly close above 2005&2015 all time highs would clear way to strong multidecade breakout.
First support at 55.00. Anticipatory long in today at 55.35. Will add if all time high cleared. SL weekly close below triangle.
Have a look also at the weekly chart.
From the low of July 2011, we can see that we are in the 4th wave of the final leg of bullishness.
Wave 4 still has a small leg to the downside in order to complete the necessary 5 waves to finish the triangle.
42.50 is the apt place to start buying the stock for a target of 60+.
For a detailed wave count, click on
wave-analysis.blogspot.in
This is experimental indicator which would indicate potential change in trend and going long somewhere here.
Its based on the only thing which makes sense in the market to me which is: most traders loose - the only truth in the market.
