Thursday, August 20, 2009

Exact Fibonacci's confluence at DOW JONES

We have a double confluence fibonacci's resistance in the DOW (both monthly and weekly charts).

Look at the 38.2% Fibonacci's resistance in the monthly chart (9.410 points), 20 years period, from 1989 to 2009.

Then, look the the 38.2% Fibonacci's resistance in the weekly chart (9.409 points, this chart is from the August 10 week), October 2007, September 2009. Link to the previous post (some additional charts)

Both coincides in the 9.410 level.

If we look at the technicals indicators, we can expect that the rally resumes, since they are very bullish, on both, weekly and monthly charts. But it will not be easy to overcome. Tight your stops!


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