A very short note here regarding the Dow Composite Index.
Using proprietary patterns, an unusually narrow potential zone of reversal is defined. All of these can be verified by major or minor Fibonacci levels as well.
Both mean and average are defined as well. By reverse engineering a Fib-based retracement at the 38.2 significant level, this would point to the flat topside of a rising triangle from which price broke out following last mid-impulse consolidation.
All this seems to converge and should alert both pattern traders and the occult market geometrist of an unusual convergence of technical events.
With a high posted at 5861.15, I can now say that ALL of the targets produced by either prop patterns or prop model, have been hit - All came into a very narrow PRZ.
At this point, there is no other comment, except those just posted within the past 1-2 hours in related COMP charts.
Model remains bearish - A 38.2-Fib = 4451.44 defines a probable level of support. I will wait and see what the model offers as an alternate bearish target.
With a high posted at 5861.15, I can now say that ALL of the targets produced by either prop patterns or prop model, have been hit - All came into a very narrow PRZ.
At this point, there is no other comment, except those just posted within the past 1-2 hours in related COMP charts.
Model remains bearish - A 38.2-Fib = 4451.44 defines a probable level of support. I will wait and see what the model offers as an alternate bearish target.
Cheers,
David Alcindor
Predictive Analysis & Forecasting