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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj


Thursday 29 December 2011

Dow short-term signal triggered

I posted this chart this morning and today we got the reversal candle below the 3 dma.A simple enough signal with the virtue of being able to accomodate a very close stop.There is a triple top now in place and we are close enough to the Gann cycle cluster I posted earlier for this to materialise into a longer-term signal.Much will probably depend on developments in Europe,where the currency was very weak today (as was cable) From a Gann point of view we can look at 1225 (12250 here) which is the square of 35 and important on the square of nine,as the level where the market met resistance.From a TA pov we can also look at the 200 dma,both adding weight to the signal.

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