December 1, 2010

  • Dow jones closes below 50 DMA once again. 
  • Bulls may try to find support below 50 DMA for an up move.
  • If yesterday's low is not broken this week, we may see a bounce from here.
  • Price is showing a falling wedge pattern which is a bullish reversal pattern. But breaking the recent low would result in continuation of the trend and an invalid pattern which will work in favor of the bears.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore