Sunday, March 21, 2010

DJIA Minor Rising Wedge Inside Major Rising Wedge



High chance of a double top pattern forming if the blue minor wedge support is broken. The spinning top candlestick formed on Friday indicates indecision. Stay alert and be nimble as Bulls and Bears wrestle to control the market. If the Bears achieve power expect a breakdown of the minor blue rising wedge and a retest of the red major rising wedge support. If the Bulls continue charging upwards the upper resistance of the blue wedge will most probably experience a breakout and challenge the resistance formed by the giant red rising wedge.

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