A trendline, a trendline. My kingdom for a trendline…

Posted on Aug 19, 2010 by in Letters

http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=1&mn=0&dy=0&id=p03149889863&a=204730441

It appears that dumpity bump pattern may be setting up.  (sell off, thrust up, sell off)  At the least we can now draw a downtrend line from the high 9 days ago.  We estimated that this downwave would be about 5 days -- it was 6 before a three day upwave furnished us with the point for a trendline. This chart shows a tentative analysis of a broadening pattern we have pointed out before.  Note that there is an uptrend since July 1, and this may just be a downwave of that pattern.

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