Recap Pullback to Y-0 and collapsed. Y-1 defended on first touch but failed to hold upon 2nd time. Closed the week below Y-0 and near midpoint.
Outlook Retest of Y-0 resistance potential but not necessary. 3 pushes down pattern points to the same upside target. Potential down channel in the making on daily.
Lawrence's Comment
Recap
Got the pullback as expected. Found support from previous breakout area. Closed the week near Y-0.
Outlook
More consolidation / pullback until the multiple weeks rally is absorbed.
Gaps ...
Dow 30 May 09 to May 13 Outlook
Lawrence’s Comment
Pullback to Y-0 and collapsed. Y-1 defended on first touch but failed to hold upon 2nd time. Closed the week below Y-0 and near midpoint.
Outlook
Retest of Y-0 resistance potential but not necessary. 3 pushes down pattern points to the same upside target. Potential down channel in the making on daily.
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