(Click on charts to enlarge)
Dow's monthly chart is not looking so good. With resistance at 11780, and both the 20 and 50 MA above where Dow is now, while support is all the way below at 9760, the path of least resistance is pretty obvious. Can't help but notice the July hammer though. If candlestick pattern is anything to go by, we should see market climbing up further before taking a plunge.
Dow weekly shows a prolonged rally on low volume. As in its monthly chart, DOW seems to want to go up first before coming down in the longer term.
Dow's daily chart reminds me of Lego. ABC corrective patterns form the building block of all the upward, downward and sideway moves. The current rally looks seriously out of proportion compared with the left side of the chart (from 1900 on). Definitely an odd-looking 4th wave....Well, the longer it gets, the longer the 5th wave.
As a bear, I should be celebrating.
But I'm not.
I most definitely don't want to see 1929 happen again.
Dow weekly shows a prolonged rally on low volume. As in its monthly chart, DOW seems to want to go up first before coming down in the longer term.
Dow's daily chart reminds me of Lego. ABC corrective patterns form the building block of all the upward, downward and sideway moves. The current rally looks seriously out of proportion compared with the left side of the chart (from 1900 on). Definitely an odd-looking 4th wave....Well, the longer it gets, the longer the 5th wave.
As a bear, I should be celebrating.
But I'm not.
I most definitely don't want to see 1929 happen again.
RUT & ER2
Both charts are just too bizarre to offer any insights into where we are heading. What I can say for sure is that today's going to be another choppy session for ER2.
If I have nothing else better to do, I'll sit back and let my charts humor me...surely it can tell me a thing or 2 about where it wants to go by now??
If ER2 hits 743.8 and come back down again, I'm most likely to go in for shorts.
If I have nothing else better to do, I'll sit back and let my charts humor me...surely it can tell me a thing or 2 about where it wants to go by now??
If ER2 hits 743.8 and come back down again, I'm most likely to go in for shorts.
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