Browse Stacks: Analytics: Elliott Wave: Dow In monthly.png
Dow In monthly.png
Is the Dow Industrials at a long term major top?
Of course no one really knows the answer to that but this chart leads me to believe it is a definite possibility.
We have two very long term support-resistance lines and a third form 1998 that come together now. I counted out my view of EWTs 5 waves up. The 444 and the 44 waves are triangle consolidations as often occurs. Then I was surprised to see that the percent rise from 000 to 333 was almost identical to the rise from 444 to now. We have long term bearish divergences in the RSI on the monthly, weekly and daily charts. We should now in few months if all
of this has any merit. Take care. Have a good week ahead. Tom B
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