Recap Dow failed to hold above 13450, gave way to a flush to Y-1. Cleared Y-1 easily, pointing to Y-2 as the target. After tagging Y-2, Dow bounced back up slightly. Closed the week near Y-2.
Outlook A huge double top formation is now in place and the neckline is 13300. If that turns into resistance Dow will likely melt down to B-2 area, near 13000 before finding any support.
If Dow can close above the neckline on daily basis, It can squeeze the shorts leading to a quick pop back up to B-0.
Lawrence's Comment
Recap
FBO against Y-1 early in the week sent cable back up to 100% absolute range expansion. Stalled from there since. Closed the week above Y-0 and midpoint.
Outlook
Signs of a ...
Lawrence's Comment
Recap
First significant pullback after the 400+ pips rally. Closed the week below Y-0 and midpoint. Inside week.
Outlook
I am still looking for long only. As long as B-1 ...
Dow 30 Oct 15 to Oct 19 Outlook
Lawrence’s Comment
Dow failed to hold above 13450, gave way to a flush to Y-1. Cleared Y-1 easily, pointing to Y-2 as the target. After tagging Y-2, Dow bounced back up slightly. Closed the week near Y-2.
Outlook
A huge double top formation is now in place and the neckline is 13300. If that turns into resistance Dow will likely melt down to B-2 area, near 13000 before finding any support.
If Dow can close above the neckline on daily basis, It can squeeze the shorts leading to a quick pop back up to B-0.
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