Mentorship

Mentorship

Dow

11 Jul 2014 ‚óŹ 06:06 AM

The Dow has continued to edge higher for months in small monthly candles and on the daily chart the entire advance does not appear impulsive. I think its best to just redraw the trendlines and keep marking an ED, ending diagonal. Wave E should mostly be complete and US is just lagging the European markets on the way down but should soon catch up. The real break will only come below 16793, when the lower trendline and 40dema both break. But the negative divergence in RSI both on daily and weekly charts are a sign of loss of momentum.

dow110714

dow110714a

What would the long term wave count for the Dow from the 2009 low look like...Something like this

dow110714b

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