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DJIA Potential Diamond Top or Diamond Continuation

Every day play "Ding Dong" then.

tact888      ( Date: 09-May-2010 22:47) Posted: Expect more wild wide swings between the green and red lines of the potential diamond formation. A breakout above the green resistance line must clear the top apex of the diamond to confirm that it is a continuation pattern and this will see more upward climb of the DJIA. However if the DJIA is unable to propel above the red 100SMA resistance and the orange dotted horizontal resistance it will probably retest the green 200SMA support followed by the light blue dotted horizontal support and the red support line of the diamond formation. Support failure here will confirm the diamond top and more downward pressure will be imminent. View chart at  http://tactcharts.blogspot.com/2010/05/djia-potential-diamond-top.html

 

Expect more wild wide swings between the green and red lines of the potential diamond formation. A breakout above the green resistance line must clear the top apex of the diamond to confirm that it is a continuation pattern and this will see more upward climb of the DJIA.

However if the DJIA is unable to propel above the red 100SMA resistance and the orange dotted horizontal resistance it will probably retest the green 200SMA support followed by the light blue dotted horizontal support and the red support line of the diamond formation. Support failure here will confirm the diamond top and more downward pressure will be imminent.

View chart at  http://tactcharts.blogspot.com/2010/05/djia-potential-diamond-top.html