Tuesday, December 15, 2009

Dow - Four ups in a row


Dow moved up for four days in a row but managed to put on 216 points (2%) only with low volume, not really impressive and not dynamic. However it has reached its upper resistance line again. As shown above, Nasdaq and S&P managed to close above their respective upper trend lines. Will Dow follows them?

I think Dow can go either way, still have to wait for breakout for confirmation of its short-term movement. From a longer term perspective, Dow is somewhere at the tail end of its major wave (III). It is whether the (III) is going to end at wave 9 or wave 13.

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