Technical analysis of Major Markets, F/X, and anything that can be traded This is my diary for trading Views expressed in this are only for educational purposes. They ARE NOT recommendations to BUY or SELL anything!! ALL comments and criticisms welcome.
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Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.
— Marcus Aurelius
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Wednesday, October 31, 2018
Break out
DOW: finally a break??
Yesterday's rally may have broken the wedge to the upside.
Now it needs follow through, a failure here would probably mean trading back into the wedge and testing the lows again. Volatility still persists.
Gut feel: still didn't seem to be enough pessimism for a bottom - we'll see.
Rallies like yesterday's can be self fulfilling as short covering increases.
The market was DUE a bounce - so expected.
At moment many markets are near resistance.
Good area to try a short - with a tight stop. for a short term trade
If it does follow through on volume, but the dips.
Initial targets: 25300, 25800 - on the upside.
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