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
I 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?
continued for members…
Sorry, this content is for members only.Click here to get access.
Already a member? Login below… |