DJIA Dual Channel Spring Board or Diving Board

Zoom Out View stretching from Oct 2007 All Time High Peak





Zoom In View with clearer image showing recent DJIA movement


The blue channel was the spring board that propel DJIA higher during the last four times when it acted both as support and launching pad. High probability that history will be repeated once again for the fifth time. This is reinforced by the closing of the DJIA at the former major resistance turned support green channel upper boundary.
A successful rebound here will see a upward thrust back to the 10400 to 10500 region.

However if this dual trendline support fails and becomes a diving board probable support can be expected at 3 possible locations

1. Near the key psychological milestone of 10000

2. Near the intersection of the lower boundaries of the blue and green channels

3. The worst case the 23.6% Fibonacci retracement support. Anything below here means a great Bear is coming !!!