DOW P & F chart

[Au-myn]

This P & F chart of the DOW is a 150 x 3 scale.

The pattern in process is a "Formations in combination". A Triple Bottom / Bearish Signal combine to form this usually powerful formation. The sell signal will occur at 10800.

The declining trend channel is wide enough to allow quite a sell-off (1000 points).

[Eat Beef]

Thank you, Sir!

I hope you share some work on Gold and Silver, as well.

[d-lod]

Thank you, Sir!

I hope you share some work on Gold and Silver, as well.

Ditto



Only greatest can create Monalisa

[lhslancers3270]

Don't be a stranger.

[Au-myn]

Below is an updated P & F chart showing the beginning of sell-off as this formation unfolds.

Although Stockcharts labeled this a quadruple Bottom formation I tend to disagree. My belief is that a Bull trap was set. Bull traps include an advance that usually penetrates two or more previous tops by a single square (green arrow on chart) sucking in investors to what they believe is a major up move. Although only one previous top was penetrated in this case I believe it is a valid formation. The next column of O's reverses quickly and yields a sell signal.


I calculated the price objective on a vertical count (V-on chart).