DOW

Diver/WS- dangerously looking like H&S...

waverider2 wrote: Diver/WS- dangerously looking like H&S...

this one ?

dl.dropboxusercontent.com/u/40497882/Wal...0%28DFB%29Inv_HS.png



or this one (full head not even formed yet)

dl.dropboxusercontent.com/u/40497882/Wal...t%20%28DFB%29H_S.png




rgds WS

Dow weekly attached.

I have one long open and sitting on the cautious side. A few indicators like gold and defensive stocks are picking up - all making me more cautious.

My view of the DOW...I have noticed a negative divergence on the MACD and what looks like the right shoulder in progress. This is only based on what i see. However, if this H&S doesnt materialise, we could be in for some mega moves up.

dl.dropboxusercontent.com/u/4385922/dow_Feb14.png

Cheers

Just to add - I am also following very closely on the movement of the banking sector. The banks were a strong catalyst on the move from late last year. They are somewhat stagnant at the moment so I am watching that very closely (my intention is to get on the boat with Lloyds of the trading opportunity present itself - as I missed the last one)

Watch out for the 16240 level during market hours (the following is a daily cash chart) as that was the breakdown point. Possibly worth taking some long profits or scalping a short at this level:



dl.dropboxusercontent.com/u/20815047/FTS...Dowdaily16_02_14.png

update to the last chart posted below.

dl.dropboxusercontent.com/u/40497882/Wal...9%204hr_invH%26S.png




rgds WS