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That point was the nearest point that can be taken to draw the closest trendline support. Alternative views and opinions are always welcome. Please share your charts so we can learn together. Learning never ends and all sharing are welcome.
belgeran ( Date: 21-May-2010 13:36) Posted:
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hrm.. i noticed u used the flash drop as a point to draw the lower boundry... would it be more correct to not use the flash drop?.. just thinking...
SO BUYING SIGNAL?
tact888 ( Date: 21-May-2010 11:56) Posted:
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DJIA closed below both the 200SMA and 200EMA. Since July 2009, bulls have been using these critical moving averages as support guides and this weak closing signals potential further bearish falls. A breakdown below the red dotted trendline will retest the red bold support of the potential diamond top formation.
Take note that any technical rebound may meeting resistances at 200SMA and 200EMA. Any unexpected upward surge will probably be halted at the green resistance of the potential diamond pattern.
View chart at http://tactcharts.blogspot.com/2010/05/djia-closed-below-critical-200-moving.html