Yo-Yo? Bungee? And, surprise, an upwave in the Dow!!

Posted on Jun 03, 2010 by in Letters

Wonder of wonders.  An upwave in the Dow?  Here the 90 minute bars in the Dow.  As is obvious either a reversal or a consolidation is taking place.  As readers know patterns of this type can continue the trend (short term down) or reverse it.  This pattern appears to us more a reversal than a continuation -- but it is unresolved as yet.  It actually looks like to us a kilroy (or(h&s) bottom.  But short term data like this can be unreliable.  As can be seen from this intraday chart an upwave started 7 days ago.  This is a surprise to us on looking closely at the chart.  It may be better seen on the daily chart.

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