Recap Expected a pullback from the selloff but not a straight up like what we got last week. Closed the week near week high right underneath 13000 round number and above Y+1.
Outlook Dow pullback to where the head and shoulder formation neckline is. Should Dow failed to go higher next week, it will confirm the resistance of the neckline and further decline will be likely.
If Dow can clear the neckline resistance, the gap above will be filled as B+2 is an easy target to spike to if they feed out more news to squeeze the shorts.
Lawrence's Comment
Recap
Breaking below Y-1 without tagging Y-0 first as explained last week gave us a drop until 100% absolute range expansion. Closed the week below Y-1 and near week low.
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Lawrence's Comment
Recap
Ninja was so strong, it pushed to 122 first in the beginning of the week setting up Y+1 as the consolidation midpoint. Closed the week near Y+1 and midpoint.
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Dow 30 Nov 26 to Nov 30 Outlook
Lawrence’s Comment
Expected a pullback from the selloff but not a straight up like what we got last week. Closed the week near week high right underneath 13000 round number and above Y+1.
Outlook
Dow pullback to where the head and shoulder formation neckline is. Should Dow failed to go higher next week, it will confirm the resistance of the neckline and further decline will be likely.
If Dow can clear the neckline resistance, the gap above will be filled as B+2 is an easy target to spike to if they feed out more news to squeeze the shorts.
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