Wednesday, May 26, 2010

Dow analysis of chart pattern for May 26th intraday.

I thought many of you who follow my Blog might have been confused by today's chart pattern of the Intraday of the Dow. The market is closed but I wanted to give an update to what the tea leaves are saying. Notice in the chart above I have drawn 2 Red lines under the base of these 2 "W" patterns. The first red line is most telling, as the slant was down but after it the Dow Index went up. Even though it went up, that first downward sloping "W" pattern had to go lower so even after the rise, it did go lower than the previous low, fulfilling the prediction. It proves also that patience is important as is following these simple observations. You will be more right than wrong if you use this guide to look at the charts going forward. The second red line under the 2nd "W" pattern was fulfilled by the Dow Index going higher before reversing.

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