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A chart and a comment.
INDU remains within the right half of the big diamond and within the bounds
of the 3 ½ month wedge. It is under increasing pressure from the
converging trend lines of the wedge, shortly to be compounded by pressure from
the resistance trend line from January 17, 2000 (the top of the diamond).
On February 16, 2001, INDU rebounded off the bottom of the wedge and an
intermediate fibonacci retracement (23.65%) of the 1998 – 2000 expansion phase.
The 21 day and 200 day moving averages are essentially (i) flat (especially the
latter), (ii) equal in value and (iii) within striking distance of one day’s
normal fluctuation.
All of which reminds me of a spring compressed to its limits.
Have a nice day. (
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