A short term upward target area would be the neckline and the bottom of the green channel line. Don't be surprised if we blast right through those areas -- volatility works in both directions.
DOW 1 Yr / Daily Chart
Thursday, August 16, 2007
DOW Dragonfly
The DOW had a spectaculer freefall and rebound to close the day with a Dragonfly Doji candle. At the bottom of a trend this is a bullish signal which is enhanced by the long length of the tail. We'll watch tomorrows price action to see if there is upward follow through. After several days of severe selling action the probabilities exist for a relief rally of some kind. (Do you realize that the DOW has a 7 day range of 1178 points? It does, from a high of 13695 7 days ago till today's low of 12517)
A short term upward target area would be the neckline and the bottom of the green channel line. Don't be surprised if we blast right through those areas -- volatility works in both directions.
DOW 1 Yr / Daily Chart
A short term upward target area would be the neckline and the bottom of the green channel line. Don't be surprised if we blast right through those areas -- volatility works in both directions.
DOW 1 Yr / Daily Chart
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