Weekly review / Седмичен преглед

Nothing new....
Last week we saw new high but short living as I have expected followed by UP and Down and UP and DOWN... nothing interesting.
This week I expect something similar - thrust up followed by the long overdue correction.

Weekly review / Седмичен преглед

The wedge was broken and thought we will see back test and the correction... I was wrong.
DJ made new highs and the wedge was broken only a new channel to be formed. I was smart enough and I was not caught on the short side when I saw this two hammers at support:)
The long term picture has not changed. I think next week DJ will stay at this levels. We will see up and down moves and a new high.
The market breadth indicators look awful. So I expect a correction sooner than later, and I would not bet on the long side except day trading.

Short term update

There we have it:)
Based on the last two candles - Hammers at support, I expect a bounce before we start the correction.

Hello traders!!!
I was expecting correction but the market wanted to do something different:)
Dow Jones has risen for the last two weeks but the technical picture has not changed a lot, just the divergences are better defined.
Look at the first three charts - I expect to see higher prices on Monday and triple divergence on the Histogram on hourly chart. We have already divergences on the daily chart. NYSE McClellan Oscillator shows multiple divergence too, fewer stocks are participating in the rally.
When I see this charts the long side does not look so attractive, may be day trade Monday but that is all. I expect a correction with a target 38,2% around 10700. If we are in a bullish leg we will find support at this level and continue higher.
The long term picture - the last two charts are looking still bullish no bear signs. So we should stay bullish and expect just a correction, until the market shows us the opposite.
But stay cautious, if we see violent sell off than something else is going on.