I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Monday, June 13, 2011

Dow approaching support

IMO the Aussie market is ready to rally but unfortunately the US market isn't - yet. And until the Dow stops falling we probably won't be going up, we may even fall further. But, if the ellipse study on the chart below proves accurate - and it usually is - then the bottom in the Dow could come this week. It is right on a support of sorts (MOB) right now but the ellipse support is a little lower. That ellipse also happens to coincide with a trend line which starts back at the March '09 low.
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