Friday, March 18, 2011

 

A beautiful trendline


It was the perfect cap to this downtrend which appears to have ended at 11450- basis June mini-Dow futures contract. I think the trend has turned down and I was all ready to post about that but the really sharp rally off the low has given me pause. Usually at this point we see a downside acceleration especially with the stair step down ever so nicely illustrated by that trendline. (I am a geek.) So sharp rallies which break beautiful trendlines have me sitting on the sideline. %0 points higher and we take out the 11850 high of the last peak and that would be good enough for me to call a new uptrend.

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