In my last update I talked about 23300 being a strong weekly resistance. Now that this level is surpassed it has become a strong weekly support level.
As you can see in this chart, the DOW is respecting this level quite well. It was not able to produce a weekly close below this level. Instead we now have 4 weekly candles retesting this level and bouncing off of it.
As you might have already noticed, I am a big fan of retests. I have had great results wih retests in the past which is the reason why I always see it as confirmation of my count, if the direction is the same as my analysis predicts.
This is why I think that we will now see two bullish weeks in the DOW. I already opened a long position before the friday close. If I see trend continuation signals on monday, I will buy more.
My target for the DOW is 24100 for this upmove, and after a correction 24500 would be in range.
Quote from a month ago:
So my next targets are 23600, 24000 and 24500. No, I am not joking. It is actually very easy to make money right now in this market (at least if you started your long trade a week ago or before that...)
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I hope you are correct. The indicators I use also show we may be continuing to the upside for a little while anyway. As long as the market keeps in the trend of higher highs and higher lows, I'll remain bullish.
Great post, i will follow you....
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