dow chart, page-61

this looks like the monday thread ....

XJO (the real one, ASX) attached - hourly. Mongo, looks like the devil is in the detail. There's a small gap at 4690 that got filled this morning. But 4700 was a real enough target for other reasons.

MACD's took a huge reset this morning, which could be a very good thing.Stoch is oversold, but in a divergence danger zone.

I'm thinking if it takes it's time to fill the gap by consolidating in the next week or so, we would be good for an upleg (I think is more likely I get the feeling).

Rushing back to fill the gap would set us up for a lower high. Around the 4840 would be a good time to revisit the MACD's and the stoch's, as they need to bottom above the trend lines shown to continue upwards IMO. There's a weee small gap at 4870, but 4834 will fill the gaping hole.

A short term bottom appears to be in, need to see how the week plays out. Not the end of the world yet IMO.

rgds,
pw

XJO - hourly (the ASX version)