Recap Y-0 acted as resistance and gave us a drop back down to previous week close which turned into very strong support on 3 separate attempts to break it from above. 2nd push at Y-0 cleared the resistance and gave us a run to Y+1. Closed the week below Y+1 and above midpoint.
Outlook Odd thin up channel developed last week cannot last.
2 completely opposite outcomes are expected. A breakout of B+1 will lead to a run to at least B+2. This is the case where Dow follows the parabolic run pattern.
A break of 16300 will lead to an all out drop back down to 16100 and below due to break down from thin up channel.
Lawrence's Comment
Recap
Y-0 down to Y-1 acted as support as expected but the rally failed to retest Y+1 as the second half of the week we got more news shocks ...
Dow 30 Apr 21 to Apr 25 Outlook
Lawrence’s Comment
Y-0 acted as resistance and gave us a drop back down to previous week close which turned into very strong support on 3 separate attempts to break it from above. 2nd push at Y-0 cleared the resistance and gave us a run to Y+1. Closed the week below Y+1 and above midpoint.
Outlook
Odd thin up channel developed last week cannot last.
2 completely opposite outcomes are expected. A breakout of B+1 will lead to a run to at least B+2. This is the case where Dow follows the parabolic run pattern.
A break of 16300 will lead to an all out drop back down to 16100 and below due to break down from thin up channel.
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