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Tuesday, July 21, 2009

DJI Trend

Look at the DJI( Dow Jones) weekly trend, kinda of inverse Head and Shoulder Pattern, interesting? To confirm this pattern's validity, DJI 1st have to cross above its neckline, then we are looking at its next target area should be 11,000 area.

If you can remember, I ever said at the beginning of the month that Jul looks much like a bearish reversal month as June ended up with a doji candle. Now, It haven't happened yet,(we have to wait till the month end), What has happened so far is that DJI hit a new low and quickly rebounded. What I want to point out here is that, as a trader, we have to be prepared for both side of the market, up and down. And should be always have the flexibility to quickly switch to the other side if we approved to be wrong. Don't argue with the market, it's always be correct, only you can be wrong. What will be the result? Let see it again at the end of this month. But for now, I'll more bias to the bullish side.

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