|
PureBytes Links
Trading Reference Links
|
Since INDU has forcefully broken through its 20 year support
trend line, I took another look at the 100 year chart. It is
attached.
Assuming the downward movement is not yet over, a logical
resting point is in the range of 7300 to 7600 where the 50% Fibonacci
retracement lines for the movement from 1932 and 1982 sit,
respectively.
As well, the mid-line of the channel defined by the lows of
1932 and 1982 intersects that 7300 - 7600 range over the next several
months.
Beyond that point, the attached chart seems to suggest a head
and shoulders formation of century proportions in the making. I don't have
INDU volume data available to me, but NYSE composite data suggests heavier
volume in the region of the head. Of course without the full retracement
to a neckline (at 7500 or otherwise) and the subsequent commencement of the
right shoulder, volume is ambiguous.
Also attached is a shorter term TSE 300 chart of its head and
shoulders. The measurement from the head to the neckline of (2900) when
subtracted from the neckline at 8500 is approximately 5600.
All of which is FWIW.
Regards,
Tony
Yahoo! Groups Sponsor
<font face=arial
size=-2>ADVERTISEMENT
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Attachment:
Description: "tse h&s.gif"
Attachment:
Description: "dow h&s.gif"
|