daytrading jan 24 pre-market, page-33

=v= excellent stuff there, keep that coming..

Here's a weekly djia chart. I was pretty sure a top was in last week when it hit the pink line and came off a bit but then that was a fairly simple target that a lot of others would have had on their agenda so that said I'm not surprised it kept going lol.

djia weekly chart speaks for itself really & as some others on this forum have mentioned there aren't any descending lines left for it to get through from the 2007 tops. That's obviously pretty bullish and it now looks to me like it has more in it. Interestingly enough Pete's inverse H&S target is pretty much smack on the 2008 top of 13136. Clearly there are two recent tops in the way that will no doubt prove resistant but it appears to be a target area now imo

I think the mentality in the US (right or wrong) is that the worst is over (both at home and in EU) therefore the market has decided to rally upwards, as usual the market is always forward looking and pre-empts the future. If it is wrong it will amend it's over exuberance quickly. We all know how easily that can happen and the old saying " up the stairs & down the escalator" will no doubt kick in.

If the djia falls below the descending weekly breakout line & closes the week below then (to me) that will be a good enough sign that a reversal is probably likely, until then it's upwards an onwards imo

Weekly