3 replies to this topic

[tommyt]

What a week it was, and a good time to "stand back" and look at a slightly bigger picture, the weekly. The market had subtle bearish divergences in early 2007 and had a small correction. It then had a bigger bear divergence in July after hitting 14,000...and had a 10% slide. Now, it made a marginal new high and is flashing a very dangerous looking bearish MACD signal IMO. A much lower MACD peak, these usually go much further than most think. But, one step at a time, and see how support areas act when tested. First test is 13,400-500, which is very close. Remember, this is the weekly, not the first 48 minutes on Monday folks.

http://stockcharts.com/c-sc/sc?s=$INDU&p=W&yr=3&mn=0&dy=0&i=t71772770211&r=3406.png

[dasein]

13,500 is 22 dow points away - sounds like the first 2 minutes of trading Monday klh

[gannman]

macd divergences usually occur in fifth waves signalling the end of the move in that direction. so were either in a correction with the uptrend to resume to new highs or the trend has changed just my take gann

[tommyt]

macd divergences usually occur in fifth waves signalling the end of the move in that direction. so were either in a correction with the uptrend to resume to new highs or the trend has changed gann I'd be interested in seeing your 5 waves down on that weekly chart...it looks like "1" to me.