Recap Y+1 did not act as resistance at all making the bearish scenario impossible. Continuation points to Y+2. Once it was tagged price no longer stable. Sharp pullback to Y+1 and found support. NFP Friday ended up doing nothing. Closed the week aobve Y+1 and midpoint.
Outlook Potential spike and ledge with Y+1 neckline where a drop back down to Y-1 and Y-2 targets is normal. Should Dow continue to push higher but failed to clear B+1, same outcome is expected.
Lawrence's Comment
Recap
Took off right from the start of the week and consolidated above Y+1 pointing to a push towards Y+3. At 100% absolute range expansion, heavy selling kicked ...
Dow 30 Nov 09 to Nov 13 Outlook
Lawrence’s Comment
Y+1 did not act as resistance at all making the bearish scenario impossible. Continuation points to Y+2. Once it was tagged price no longer stable. Sharp pullback to Y+1 and found support. NFP Friday ended up doing nothing. Closed the week aobve Y+1 and midpoint.
Outlook
Potential spike and ledge with Y+1 neckline where a drop back down to Y-1 and Y-2 targets is normal. Should Dow continue to push higher but failed to clear B+1, same outcome is expected.
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