Dow Jones (chart pattern) for 6-1-05 ....

[MARKETWAVES]

The Dow Jones ..... 6-1-05

This number 10,600 seems to have some importance these days

Look here .... Where are we going ?

Any Comments ?





TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …

 

[MARKETWAVES]

DOW JONES,( the resistance areas )..for 6-1-05 )

Please do not confuse this with Gann ..... lines////

These are called speed resistance lines ,,,,, They are being used the to show where areas of support or resistance are located ...

It's always about multiple support ..... or multiple resistance .. This what I am constantly looking for , not breakouts ....

Buying breakouts is called chasing a market ...

DO'NT CHASE MARKETS .......

Learn to look at long term Weekly and Monthly charts ..........

This is the Dow lately ...

The first Chart posted here , is showing how the Dow appears to look like it could be running into trouble at the 38% area with the red line....just above 10,600 ...
Watch your oscillators here !



The other 2 charts are showing how the breakout occured recently yes.... but more importanly look at n how price is rallying into these projection lines ....

Any comments ....... Any other observations ?




TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …

 

[MARKETWAVES]

Dow.. (intraday )where do we go ? for 6-1-05

These are 15 min .....Dow Jones charts as of Fri 5r-27-05


The Dow has this nasty Reisitance line again...... going into next week..

Just look at the 1st chart posted here ....can we get a close or 2 above th 10560 area ? Well, if you look at the intraday charts and we get a close above this area it will look like it is breaking out ... and there for I would not be intersted ...

To many break outs fail .....
dont buy Breakouts ......

The word break out is the same as using profanity in my view ...
Just dont like them ,,,,,


These charts are being posted here to show how 10,500 could be a major support area .... So the question is can we stay above 10500 ?

What do you think will happen if we break and stay below 10,500 ?





TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …

 

[tech/a]

Re: Dow.. (intraday )where do we go ? for 6-1-05

Many support and resistance lines and areas fail.
Many many fibonacci points fail.
Many Elliot wave counts also fail.

Failure in any analysis shouldnt exempt the anlaysis from use but at times those using the analysis should exempt themselves from trading it-----its whats done with failure that will determine longterm success.

 

[DTM]

Re: Dow.. (intraday )where do we go ? for 6-1-05

Hi Market

In my opinion, looking at all the different time periods, ie the 1 hour, daily, weekly and monthly charts, it looks like its heading down.