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Dow Head & Shoulder set up
- Thread starter myminitrading
- Start date
Quote from fitrol:
Could see it to 7-8000, but 3600 seems a little harsh!
Peace & profit
the market's strong rally started in 1995 and ended in year 2000. dow started the rally at 4000. since year 2000 it consolidated, for more than 5 years now. with the consolidation proportionate in length to the preceding rally, if indeed the dow resolves to the downside, it is very likely that it will go back to 4000. well if you're all short you'll have a nice time.
Could be a double top on the DOW monthly, but the market could also consolidate right here for months or years and build a base to move higher. I can't worry about these things. The charts will tell me what to do each day whether to buy, sell, hold, sell short, or cover. Have no idea what will happen, only have positions to manage.
Quote from myminitrading:
So now what?
the decline you were afraid of in your initial post did happen and it reached its target. now price is likely to consolidate for a few weeks and then we'll see where it decides to go. it's likely that it will start another wave down after that consolidation, but time will tell.
Continuous futures contract YMU6. We are now at support turned resistance at the neck line area. This is a second chance to short according to theory. Keep in mind the forces at work here, dont be surprised if we get a news event that pushes us thru resistance, typical wall street games, so be ready at all times.
Attachments
Quote from myminitrading:
Continuous futures contract YMU6. We are now at support turned resistance at the neck line area. This is a second chance to short according to theory. Keep in mind the forces at work here, dont be surprised if we get a news event that pushes us thru resistance, typical wall street games, so be ready at all times.
Attachments
DIA 30 minute chart
I would like to see the double bottom either make it's target, or I would like to see a failure of this scenario, or a pattern setup short term to reverse the uptrend off support before shorting this. There must be a ton of bears that went short right smack at the neckline, and they will cover right above it if pressed too hard.
I would like to see the double bottom either make it's target, or I would like to see a failure of this scenario, or a pattern setup short term to reverse the uptrend off support before shorting this. There must be a ton of bears that went short right smack at the neckline, and they will cover right above it if pressed too hard.