I'm just posting the dow jones industrial average tonight but this same pattern appears on the Nasdaq, Russel 2000 small caps and S&P 500. Its a bear flag, pennant, rising wedge continuation, whatever you want to call it, its bearish. How low will we go? See some of my previous posts. The pattern has not completed in price but lookomg at the big volume increase on the dow jones today (above) I think the odds are very good this thing will break down hard later today (Friday). Good luck!
1 comment:
"odds are very good this thing will break down hard later today (Friday)"
Nope! Plunging oil sure put an end to that possibility. Interestingly we still remain in the triangle and have actually spanned it bottom to top intraday today. This market is nuts!
One thing worth noting is oil has fallen over 20% in the last few weeks while the dow has be net flat. The dow has been volatile, but with no net movement.
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