Burnett, after a minor low on 24/9/2008 the dow hit one more high of 11218 on 26/9/2008. then it was down hill all the way to the low on 10/10/08 of 7774. a 61.8% rise calculated is 9902 and was actually 9924.....close enough for rock and roll. fell the same day into the top of the wedge.
I was also thinking we may yet see another high or low that slightly pushes out the trend lines to reduce the rate of convergence and therefore give the wedge more time to play out.....this may even take weeks yet. But the volume tells me it is a rising wedge.
....and one more thing I forgot. I realize there is always someone new to TA coming along asking themselves "What the hell's a rising wedge ??" So I like to always include a link for them......
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:rising_wedge_reversa
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Last
26,683 |
Change
82.730(0.31%) |
Mkt cap ! n/a | |||
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