DOW

Daily Candle on Dow

dl.dropbox.com/u/40497882/Dow%2015%20March.JPG

indeed - when you look at the DOW over the last 3 years there is an interesting time correlation & what appears to be consistency for medium term highs:

29 Apr 10 high - a correction followed ~16%
02 May 11 high - a correction followed ~20%
01 May 12 high - a correction followed ~10%

see chart & take note of march, april and may of 2012

dl.dropbox.com/u/40497882/Dow_3Years.JPG

in the short term, possibilities:

Int wave iii - march 13 highs
Int Wave iv - april 13 lows
int wave v - may 13 highs & completion of Major wave 3 of primary wave 3, what should be a Major 4 correction to follow.

on a side note - the Cyprus situation and the 10% levy is boarding on criminal imo, to think joe public savings in Cyprus banks will be less than what they were come Tuesday due to the bailout. makes me

I hadn't looked at the chart properly since close on Friday. You're right - a beauty of an inside bar.

Roll on Monday, the weather's finally warming up just in time to put the shorts on lol!

1. - wicks etc as per you below comment - dont matter, not that significant imo
2. 14 March candle long green body - check
3. 15march candle has short red body Check
4. 15march candle is is equal to previous day high - Check
5. inside price action - check

tentative conclusion until i get confirmation which is KEY is:
2 days in a row of equal highs signalling a resistance and formed at key pivots and fib clusters, along with a print of that type of candle formation. This could signal a short term top is forming.

Regards WS

WaveSurfer wrote: Just as thought - you beauty !!!

cheers J

Just as thought - you beauty !!!

cheers J

Here you go WS:



dl.dropbox.com/u/20815047/Dowdaily16_03_13.gif

Updata's been playing up again this am so no chance to look in more detail and the missus won't be happy if I spend more time working now, especially if I want to watch the England v Wales game with a few cold ones later on!

BTW, the SPX daily has a smaller "head" than the Dow and long "tail" which penetrated its equivalent short term uptrend hence my Q re hanging man. Not a tweezer top though. Another thing, you may want to look at the last 3/4 daily FTSE candles and compare with the March 2012 top.

Better go...have a good weekend all (will try and look for more detail tomorrow if I get chance)