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I'm trying to gauge the strength of this last rally DOW closed up 500 at 7776 this morning breaking through the 7450 (7500) resistance. The next barrier for the upward DOW is that massive resistance band 7900-8500 that the DOW had trouble breaking down through it in Jan -Feb this year.
Is the DOW strong enough to break through this 7900-8500...My initial thoughts is "no way" this time may be later but how much later? With this massive 500 leap through the 7500 resistance area I'm now in doubt.
Cut and paste from my other post...
Can the DOW get to 8600 soon? I think Ichimoku charts may help to analyse how strong the DOW is, in relation to the strength of that 7900-8500 resistance band, by seeing where the Kumo is and whether the DOW has passed above it or not. I suspect the Kumo maybe situated around the 7900 -8500 ...are my suspicions correct? Can any Ichimoku followers help with this?
I have looked at setting up an Excel program as mentioned in the link posted by Arco (post #5 on the Forex/Ichimoku magic thread)
Is there an easier way?:( ...a website (preferably free;)) allowing us to use TA charts analysis with an Ichimoku indicator option built in?
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Hoop, this maybe what you are looking for. I have attached a link.
You have to sign in then go to the chart section, basic charts, live chart, then select a study. Hope this helps
[IMG]http://www.advfn.com/
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Hoop I meant to add that you can drag the chart out to see out to May..not that I understand it though
I'm a newee here Do enjoy reading the posts and am trying to learn as I go
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Dow Daily Ichimoku chart
The crossover of the tenken sen (blue) with the kijun sen (red) would be the first signal of bullishness and now that the chikou span (cyan) has crossed the 27 day old price that is further confirmation but the cloud offers resistance and is falling .
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quite a case for a correction unfolding.
channel line hit , and uptrend line broken , divergence on rsi and A=C wave count a common reversal relationship.
http://iforce.co.nz/i/omxrg2ub.jpg
http://iforce.co.nz/i/xrxl0cgn.jpg
HOWEVER
After the SPX bottomed at 667 it started to impulse higher for the first time since 2007. These impulsing waves then began morphing into rising diagonal triangles. The first one topped in late March at SPX 833, and then pulled back 53 points to 780. The next one topped in mid-April at SPX 876, and then pulled back 49 points to SPX 827. From that low the market impulsed to SPX 930 a week ago, and has now pulled back 51 points to 879 on friday. Notice the symmetry in the pullbacks.
there is an alternatine bullish count which suggests this pullback is already complete.the key level is 875
http://iforce.co.nz/i/jlox5ryn.jpg
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hi peat , got this from max this morning.
thinking along same lines A WAVE COMPLETE NOW IN B WAVE , long from here target into 1000 + sp.
I still reckon hes promoting a count which will ultimately take us back down to 400.
i do sort of agree.
http://iforce.co.nz/i/4dv12wz3.gif
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nice timing DA
I drew this but never managed to pull the trigger
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hey peat , this was a mouth watering risk reward trade.
risked 10 points for a 100 point target ( 1000 sp 500 )
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This Rally is All Bull
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Alan Kohler....You don't scare me.:p
AK Opening Quote: ..."The stockmarket rally is now being driven by the same force that set up the excesses that led to the bust in the first place – an abundance of liquidity....."
so very very true....it is called an economic cycle:rolleyes:. This event happens every time there is a recovery in sight......yawn..