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Wednesday, September 23, 2009

The DOW Wedge (Updated with OIL)

In some ways, its always actually about the DOW. DOW patterns, DOW moves, etc.

DOW 10000. Hit 9917 today.
I need to ask a technical expert (I am a layman) about wedges and where they typically resolve.
The last zigzag up in the DOW is a very nice wedge indeed. It hit the upper line and now seeks support again.

At the least can't we expect some jiggly waves to go with that drop down from peak to form an ABC pullback or a 5 wave move down visible other than on the tiny scale? Just asking. A pure reversal on a drop like that (without making new lows with at least some jiggly down waves) would indeed be worthy of a P2 move.

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