DIA updated forecast Nov 2 2011
This is an update from my last 4cast
made on Sep 25, 2011 here at TradingView.
At that time I pointed out KEY SUPPORT at
101.5-100.5 but upon closer examination
there were 20 weeks of time at 104 also
and you can see in October that 104 was
tested and held. What has also happened
is that 20 weeks of time has built at the 112
level and that implies that the market is
accumulating and building for a larger advance.
In other words, the buyers at 112 have control
and if you want stock, you'll have to pay UP to
get it back. The market is now dealing with the
14 weeks of supply at the 121-123 level, so it
may take a few more weeks to chew through
that supply. I would 4cast sideways action to
deal with that situation. The best trade that
will set up out of this pattern will be by springtime
when the market is fully accumulated and ready
to embark on a major new bull market move.
ONLY TIME WILL TELL and we will patiently wait
for the market to tell us when to get on board.
made on Sep 25, 2011 here at TradingView.
At that time I pointed out KEY SUPPORT at
101.5-100.5 but upon closer examination
there were 20 weeks of time at 104 also
and you can see in October that 104 was
tested and held. What has also happened
is that 20 weeks of time has built at the 112
level and that implies that the market is
accumulating and building for a larger advance.
In other words, the buyers at 112 have control
and if you want stock, you'll have to pay UP to
get it back. The market is now dealing with the
14 weeks of supply at the 121-123 level, so it
may take a few more weeks to chew through
that supply. I would 4cast sideways action to
deal with that situation. The best trade that
will set up out of this pattern will be by springtime
when the market is fully accumulated and ready
to embark on a major new bull market move.
ONLY TIME WILL TELL and we will patiently wait
for the market to tell us when to get on board.
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