Recap Consolidation around Y+1 as expected until Fed minute released mid week. The quick sell off was met with aggressive buying. Closed the week above Y+1 and at week high.
Outlook The whole week was just an expanded consolidation. It used to take 3 weeks to clear a round number (e.g. 15000, 14000) level in Dow. Now, it took just 1 week + 1 day. This may catch many people by surprise leading to very explosive up moves.
I will turn swing level bearish only after B-0 / Y+1 is breached. That should be good for a move down to B-2.
Lawrence's Comment
Recap
As noted last week, a pullback was due. It happened in the first 2 days in the week. But Y-0 was tested and acted as support, so ...
Dow 30 Nov 25 to Nov 29 Outlook
Lawrence’s Comment
Consolidation around Y+1 as expected until Fed minute released mid week. The quick sell off was met with aggressive buying. Closed the week above Y+1 and at week high.
Outlook
The whole week was just an expanded consolidation. It used to take 3 weeks to clear a round number (e.g. 15000, 14000) level in Dow. Now, it took just 1 week + 1 day. This may catch many people by surprise leading to very explosive up moves.
I will turn swing level bearish only after B-0 / Y+1 is breached. That should be good for a move down to B-2.
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