I am not a Guru at picking turns and dates..
I just explain what is before me on the Chart.
I applaud those, who have more brains than I do, although sometimes things are just right in you face, but you just need to be able tell the Forrest form the Trees.hmmm..
The Dow to me looks like more upside, since W5 there has been a Minor ABC(or a Major ? it retraced 100% back to W4 plus a bit lol).
One of the main things to note on the Daily Chart is that its now trading above the 200d sma and the 200d ema also note the 7d ,14d & 30d sma are all turning back up through them, this is a Bullish move even though the daily Macd, Stoch & Candle are suggesting a minor top, the candle needs to confirm and don't forget it was formed on Friday night with Monday to come, so chances are it may not confirm.
Note as of W4 the bottom once again is a Adam & Eve bottom with Eve coming first after this acourred at W4 it ran close to 1300 pts aprox so far its run 1/2 of that from 9800 low more to go imo.
Also note from the bounce of W4 it took a little breather around the same Fib level and retested the 30d sma (Yellow) it may do that again (REPEATING PATTERN) or just bounce off the Fib which was taken from the Top of W1 to the Top W5 which gave the 61.8% Fib bounce I will say this is a tad unconventional method but makes sense, the Fib Projection fits it well as well I took that from the top of W1 as well to the bounce point on the 61.8% don't forget these are Local Fibs not Overalls, Bearing that in mind I've added another set of locals from W5 to "C" (Yellow Set) Interesting to see where the 61.8% is and it lines up with the others I'd be expecting that to be good support.(If it is a repeating pattern then this one is more Bullish that is due to the distance between the MA's mainly 50d sma higher so more umph ..Imo)
As we know ABC's fit well with Fibs so which one of the white Arrows is it where its going to bounce too..?
Daily Inds the Macd & Stoch are high but they can stuff around up here for some time or do a bit of sideways, that can cut them some slack seen it before.
The main interest to me is the Dema (Black) is only at 50 (Has a lot more to go) and the Short Entry & Short Exit (Blue & Red) are now above it, this is a Bullish Mode.
I hope you got your head around all of that it gets a lot easier on the Weekly..lol
Daily Chart
The Short Entry was Triggered 2 weeks ago note Green Dashed Line.( It has a very good record)
All the other Inds are about to turn unless there is something right out of the Blue or from Left of field.
The 50d sma has been the support now I would expect the 7d (Green) to bounce off it and turn up this could take some time so if we get some sideways that will help the Daily inds cut some slack.
Note the Weekly Dema has turned up as well at 50.(check the last turns) what did it do after that??
Candles are Bullish and the Bollies are opening up the SEB is also on the up..
Weekly Chart
But the Monthly is about to through a buy signal check the Inds Dema and Short Exit(Red) plus The Ultimate Oscillator(Yellow) are both above the the Dema saying buy..with the Short Entry (Blue) and Dema still about to turn..hhmmm
Monthly Chart
The Weekly will go soon as well as the monthly but there maybe a month in it or 2..imo
Cheers Pete.
