I’ll use the Dow ETF (DIA) chart to update the broader market price action. We are getting a reversal right where I outlined 17 days ago on July 4th. This occurred exactly where price touched the ascending resistance line, established by the January 2018/October 2018 tops. I don’t know about you but I still marvel at price action around these important levels that can be identified.
I think price is going back up to revisit/retest this ascending level soon, before drifting lower over the balance of summer into fall but be aware how difficult it is to really project what will happen. It would be more common to retest resistance than not so that is what I am anticipating. Some dude (Confucius) once said “study the past to divine the future”.
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If you have any questions please don’t hesitate to ask.
I hope you are having a nice summer,
Don