Another table pounding with this. I've posted this chart 3 or 4 times in the past month. It's a major group that's been the leader or one of the leaders since the bull market began in 2003. I don't know what's next for certain but things (the chart) look great. I think the run is getting started. We may have some consolidation/retrace somewhere in here as many of the large cap leaders (FCX, BHP to name a couple) challenge ATHs. When you have a leading group emerge from a weekly chart base this long (18 months) with a positive macro outlook, cheap valuations and plenty of skepticism it's usually a great setup.
I think there are many weeks if not months to this run assuming the DJUSMD breaks through its ATH. It's worth watching IMHO.
http://stockcharts.com/c-sc/sc?s=$DJUSMD&i=p94895614517&a=101531903&r=869.png
Where the Action Is
Started by
Cirrus
, Apr 10 2007 09:03 AM
2 replies to this topic
#2
PorkLoin
-
- TT Member*
-
- 2,194 posts
Member
Posted 10 April 2007 - 09:16 AM
I'd say 1900 or so would be pretty easy, if it was a triangle. If just a horizontal consolidation then 2300, especially given the long duration of it.
Doug
#3
Cirrus
-
- TT Patron+
- 5,735 posts
Member
Posted 10 April 2007 - 09:23 AM
Doug,
I'm looking for 600 point run after the BO (should it happen) which is the length from the top of the rectangle to the bottom on the 18 month base. Thats about a 38% (Fib perhaps?) run after the BO!!! That's just a guess as it probably won't happen the way I'm predicting.
