DislikedPretty interesting stuff..
DOW - Weekly chart
- It is definitely in an uptrend channel, it has bounced off the lower trendline once, will it bounce twice??
The daily charts gets even more interesting..
- The price closed 'right on' the 38.2% fibo level, will price go back test the 23.6 or will it go lower to the 50.0-61.8 and touch the trendline then come back?? we will know next week
Ignored
Confluences of 50.0 fib level (draw point at 3/05/07), Linear Regression channel (7/18/06 start of the uptrend from the weekly) and 150 EMA. Could retest this area.
Attached Image
Indicators show the past. Price Action "Indicates" the future.