Reversal Pattern Completes...
The Dow gained 105 points today as jobless claims surprised to downside.
Jobless claims ditched strongly from 480K to 440K, beating consensus of 467K and allowing investors to breathe a sigh of relief. The increasing jobless claims over the past few weeks had in part contributed to the intermediate correction we have just witnessed and this decline in jobless claims also tied in nicely with the 10,000 points support level rebound scenario I have been preaching for the past few weeks.
Yes, the Dow followed up on the 10,000 points rebound today with a significant up candle, forming a rounded bottom, which is yet another strong reversal pattern. Short term MACD has also recovered from bearish inclined to bullish inclined, supporting the reversal that is taking place now. I have no doubt that this is the bottom of this intermediate pullback and that we are not going to see this primary bull trend threatened.
For now, the Dow turned a short term bull trend within an intermediate neutral trend and a primary bull trend.
Jobless claims ditched strongly from 480K to 440K, beating consensus of 467K and allowing investors to breathe a sigh of relief. The increasing jobless claims over the past few weeks had in part contributed to the intermediate correction we have just witnessed and this decline in jobless claims also tied in nicely with the 10,000 points support level rebound scenario I have been preaching for the past few weeks.
Yes, the Dow followed up on the 10,000 points rebound today with a significant up candle, forming a rounded bottom, which is yet another strong reversal pattern. Short term MACD has also recovered from bearish inclined to bullish inclined, supporting the reversal that is taking place now. I have no doubt that this is the bottom of this intermediate pullback and that we are not going to see this primary bull trend threatened.
For now, the Dow turned a short term bull trend within an intermediate neutral trend and a primary bull trend.
Chart of Dow Made Using Telechart. Want Your Own Charting Software? Download FREE Now!
posted by Jason Ng at 7:47 PM
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