Hi Bingy,Imo, if your going to take that channel off that bottom...

Hi Bingy,

Imo, if your going to take that channel off that bottom candle (9th Aug) then it would look more like this..

xjo

After all a true channel is the same line (trajectory top & bottom).

Note the 200 sma is also hanging around that area but I'm thinking that if they take it that far then a hit on the 61.8% fib ext (Aug lows to April highs) would be a chance given it hasn't been hit yet on any prior rally since August lows.

The djia is a bull on heat atm. Just as it gets sold off it gets bought back up and manipulated to the hilts. Looking at the action on the 5 min IG chart it's clear as day the games they play but if you can join them then great. Interesting last nights high on the hourly(CFD's) was 12257 which was higher than 12243 which was the previous high on the 13th Nov. A little clue?

I'm looking at that candle on the 20th Oct with interest as it's very similar to last nights candle & the action prior is also similar. Given the market is in buy the rumour mode I wouldn't be surprised to see a final assault on the target below at around 12450ish.

djia

Here is the usual USD weekly chart that I know is loved & hated lol. It's looking positive for equities atm imo & the more hits & fails on that fib & trend line the better.


USD weekly (4 years)