They say we are range bound in the news, if we are the top end of the range will now be declining and the bottom range will continue to rise. This range bound trend is coming to an end quickly. My charts have Tuesdays High as a trend changing point as significant as the 4/26 high. I would expect us to go down to test the lower trend line at about 10120(could be lower if it gets down there quicker) and if we break it we will have a major 5 wave down in play to the next major support. I have revised that bottom support number to aprox.7500 and should be able to revise it better once we get closer (all about the time it takes to get there).
Hello Jack - hope you charting is accurate, the correction is long-overdue and the talk in the media of the recession being over and we are in a new bull market is getting old. I think we need a dose of reality to set in, and I think DOW 7500 (as you predict) would do the trick. Thanks for sharing your insights.
.bmp)
Steve
ReplyDeleteThey say we are range bound in the news, if we are the top end of the range will now be declining and the bottom range will continue to rise. This range bound trend is coming to an end quickly. My charts have Tuesdays High as a trend changing point as significant as the 4/26 high. I would expect us to go down to test the lower trend line at about 10120(could be lower if it gets down there quicker) and if we break it we will have a major 5 wave down in play to the next major support. I have revised that bottom support number to aprox.7500 and should be able to revise it better once we get closer (all about the time it takes to get there).
Jack C
Hello Jack - hope you charting is accurate, the correction is long-overdue and the talk in the media of the recession being over and we are in a new bull market is getting old. I think we need a dose of reality to set in, and I think DOW 7500 (as you predict) would do the trick. Thanks for sharing your insights.
ReplyDeleteThanks DJD
ReplyDeleteJack C