Ah, P&F charts. I love 'em.
Below we see an updated P&F chart of the Dow, covering one year of action. First, we note that most of the bullish action has taken place north of the ascending blue trend line. Starting from the low at the 12,500 box, the Dow, rising out of a head & shoulders bottom formation, rose to the 14,050 box. From there we see a consolidation and then a rise to the 14,650 box, then more consolidation, and then a huge rally to the 15,500 box. From there we see a correction down to the 14,600 box. Next a rise to the 15,650 box followed by a consolidation. And then a steep decline to the 14,800 box, which is where we are now.
The question, will the Dow test the trend line at 14,500? That's what we're watching for now.
Below, we see a P&F chart of gold. Here we ... Log in or subscribe to continue reading.
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