Trading Edges That Last
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As Featured In
Dow 30 Aug 20 to Aug 24 Outlook
Lawrence’s Comment
Tried to reverse early last week from Y+1 but a higher low was formed instead. The retest of Y+1 resulted in a breach of the level and consolidation with Y-0 as support. That is the standard STOPD continuation signature. Closed the week above Y+2 and near week high.
Outlook
Price pattern based bias points to 2 extremely different scenarios. Bullish case a run to B+3 quickly while bearish case a drop to B-2.
It is very rare that historical price pattern matching results in 2 groups of opposite scenarios. Dow is sitting at a very important area where there is not many historical cases for us to lean on. This can happen a few times every year and we are looking at one now.
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