Update on DJIA: Oct 25, 2015

In our September update, I noted that DJIA had dropped back below several potentially bearish lines in the sand in late August:

– the huge red channel
– the white 1.272 extension
– the megaphone upper bound

2015-10-25 DJI wkly CU 2000I went on to vent about how the Dow is one of the least reliable indices to forecast using patterns and Fibs.  It’s just too easily/heavily manipulated.

With BoJ and FOMC meetings coming up, I wondered:

Friday’s action, for instance, showed the index closing above the 1.272 and a potential falling channel midline.  Would it really surprise anyone if TPTB were able to push the Dow back above the megaphone/channel top, too?

Guess what?

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