Browse Stacks: Analytics: Elliott Wave: Weekly down with fan.png
Weekly down with fan.png
Dow Industrials Weekly LOG
Six months ago I published this chart thinking we were likely at THE top. The Dow Industrials have gone down since. Now I favor there likely soon will be one more pop up in stocks. I've noticed that the recent price action in many of the indices appears to be an expanding triangle pattern which is usually a sideways consolidation before the major trend resumes.
I can't say I understand Fib fans but as we have all seen there appears to be a secret Fibonacci hand influencing a lot of charts. What amazes about this chart is that so many critical turning points are touching these lines. Since the last posting the price has again nearly returned to one of the lines. (at 4). Still could go a little lower to hit the line. Will it bounce from there as it did from 2? It seems likely to me. I favor it all may top out at the thicker solid black line but if it does rise it also make it to the next up Fib line.
Have a great weekend and Valentine's Day