Pitchforking the Dow could burst its bubble!
US stock markets have proved their resilience over the years as they have climbed a "wall of worry" and my my my, it has been some wall they have been scaling. It would be foolish to call the top in any market that has displayed such steepness in its ascend but it is evident from the chart that we have hit some long term resistance levels.
- Triple Bottom Measured Targets: Dow has hit the 50% measured target
- Andrew's Pitchfork: Dow has hit the upper boundary of the pitchfork 3 times within the past five months and is being resisted.
- Rising Wedge - Dow still "coiling up" within its rising wedge
Maybe all that is missing is a final " Buying Climax" that would pierce above the pitchfork upper boundary and wedge , to send the Dow tumbling down and begin a long awaited multi-month correction! 17k remains a CRITICAL SUPPORT LEVEL!
- Triple Bottom Measured Targets: Dow has hit the 50% measured target
- Andrew's Pitchfork: Dow has hit the upper boundary of the pitchfork 3 times within the past five months and is being resisted.
- Rising Wedge - Dow still "coiling up" within its rising wedge
Maybe all that is missing is a final " Buying Climax" that would pierce above the pitchfork upper boundary and wedge , to send the Dow tumbling down and begin a long awaited multi-month correction! 17k remains a CRITICAL SUPPORT LEVEL!