Recap Y+1 acted as resistance sending Dow back down to the open gap below. Once tagged, Dow bounced back quickly and held the 18000 round number. News shock sent Dow higher clearing Y+1. Closed the week above Y+1 and near week high.
Outlook Dow in a complex rising wedge structure that can easily snap back down to B-0 and below if Y+1 fails to act as support.
Lawrence's Comment
Recap
See comments on Dow on how a tricky bottom was formed. That produced a short term 3 pushes low pointing to gap fill above that is mostly completed ...
Dow 30 May 18 to May 22 Outlook
Lawrence’s Comment
Y+1 acted as resistance sending Dow back down to the open gap below. Once tagged, Dow bounced back quickly and held the 18000 round number. News shock sent Dow higher clearing Y+1. Closed the week above Y+1 and near week high.
Outlook
Dow in a complex rising wedge structure that can easily snap back down to B-0 and below if Y+1 fails to act as support.
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