jgunter's - shorts bbq - thursday, page-138

lol yotta looks likes something from the "motley fool", reads similar...

Below are a few djia charts, they are monthly charts and very very basic (and uncluttered) but very very effective ?

The first chart is the current story, ie this months candle with a fib extension from the recent low to the 2011 highs. I have to empathise again, the green descending line is not a trendline, it's the way incredible charts displays the fibonaci. I'm sure some of my charts are overlooked because some think those lines are dubious trendlines but not sure? anyway not important..

Last nights action topped out on the 50% extension as clearly marked on chart 1. It also happened to be the 38.2% retrace from July 2010 lows to April 2011 highs as indicated on my morning chart. So a pretty important level you could say (imo).

The second chart is a fib extension set that runs from last months candle bottom to 2011 high & surprise surprise the top of the candle is bang on 50% up.

chart 1

chart 2

What does it all mean? Well if I was a betting man I would not bet against the fact that this months top is in but I could be wrong.. you make your own mind up. One thing is certain imo, if it closes above that level then this rally is more than just hot air.