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Dow Jones - new record coming

My final analysis of the Dow Jones goes back to May 6, the title of this analysis was "The Dow Jones - a rebound strongly, if not ...». I mentioned the importance of long-term moving average of 150 days and 200 days and if the moving average of 200 days was broken by low, it represents the continuity of the downward movement and guide the Dow to target prospective 9.835 points thereby forming a hollow structure of type double. Four and a half months later, it is clear that the area of 9.835 points to relatively well play its role of holding locations , despite a temporary small prank on the curve of the Dow Jones 221 points lower, see during the second chart week.

I must say that since last May, my technical views on the venerable Dow have changed much. Chartist structure in place until September 15 will potentially have had a very negative, the figure of the index that I perceived was previously an E-T-S - left shoulder - head - right shoulder. With such a structure difficult to be totally positive. In addition, this type of structure potentially very negative were also found on the S & P 500, which added a highly negative bias to the entire U.S. market.

September 15, the diagonal resistance of the Dow Jones was screwed up by the break of this resistance zone to release the positive pressure on markets and potentially invalidating the figure downward from e-T-S. But the fracture resistance of this zone upward required a positive validation, which was conducted during the days that followed.

Using the calculation of the swing to establish a prospective target after release upward force of the Dow, it gives us a potential target minimum of 12.244 points for Grandpa Jones is creating a new annual record see second chart week period.

In the short term, carefully observe the area resistance of the 61.8% Fibonacci extension located at 11.245 points, the previous peak in April, the index was back up against nose directly on the Fibonacci ratio. The upward break of this resistance 11.245 points will add a positive bias and increase the likelihood of achieving the next target of 12.244 points, but are moving one step at a time, still remain vigilant ...

previous analysis of the Dow
http://observateurtechniqueindices.blogspot.com/2010/05/dow-jones-vivement-un-rebond-sinon.html

Claude Bordeleau
The observer technical analysis of stock markets