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Monday, October 24, 2016 7:22:29 AM
Amateur Investors: Weekend Analysis
* October 22, 2016
A few you have asked me if the Dow is still exhibiting a Broadening Top/Megaphone pattern with an example shown below. Notice once the 5th Wave completes then a sell off follows with a retest of the lower trend line (point A).
As you can see a longer term chart of the Dow shows a similar type pattern evolving during the past 20 years. If it's a Broadening Top pattern then the 5th Wave is nearing completion. Furthermore if this pattern were to pan out then a drop back to the lower trend line would occur in the longer term with an eventual target near the 5000 level.
The S&P 500 exhibited a similar pattern back in the 1960's and 1970's so it has happened before on a longer term scale.
http://www.amateur-investors.com/AII_Weekend_AnalysisOct_22_16.htm
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* October 22, 2016
A few you have asked me if the Dow is still exhibiting a Broadening Top/Megaphone pattern with an example shown below. Notice once the 5th Wave completes then a sell off follows with a retest of the lower trend line (point A).
As you can see a longer term chart of the Dow shows a similar type pattern evolving during the past 20 years. If it's a Broadening Top pattern then the 5th Wave is nearing completion. Furthermore if this pattern were to pan out then a drop back to the lower trend line would occur in the longer term with an eventual target near the 5000 level.
The S&P 500 exhibited a similar pattern back in the 1960's and 1970's so it has happened before on a longer term scale.
http://www.amateur-investors.com/AII_Weekend_AnalysisOct_22_16.htm
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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