# Dow Jones (chart pattern) for 6-1-05 ....



## MARKETWAVES (31 May 2005)

The Dow  Jones ..... 6-1-05 

  This  number 10,600  seems  to  have some importance these  days 

 Look  here ....  Where  are   we  going ? 

Any Comments ?





TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …


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## MARKETWAVES (31 May 2005)

*DOW JONES,( the resistance areas )..for 6-1-05 )*

*Please  do  not  confuse  this  with  Gann .....  lines//// *

  These are  called  speed  resistance  lines ,,,,,   They are being  used  the   to  show  where  areas  of support  or  resistance are  located ...

  It's  always  about  multiple  support .....  or  multiple resistance ..  This  what  I  am  constantly  looking  for  ,  not  breakouts  ....

   Buying  breakouts  is  called  chasing  a  market  ... 

   DO'NT CHASE MARKETS  ....... 

  Learn  to  look  at  long  term  Weekly and Monthly  charts ..........

  This  is  the  Dow  lately ... 

  The  first  Chart  posted  here ,  is  showing how the  Dow  appears  to  look  like  it  could  be    running  into  trouble  at  the  38% area  with  the  red  line....just  above  10,600  ... 
                                    Watch   your  oscillators  here !



  The  other  2  charts  are  showing  how the  breakout  occured  recently yes....  but  more  importanly look  at n how  price  is  rallying  into  these  projection  lines ....

  Any  comments  .......  Any  other  observations ?




TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …


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## MARKETWAVES (31 May 2005)

*Dow.. (intraday )where do we go ? for 6-1-05*

*These  are  15 min .....Dow Jones  charts as  of  Fri 5r-27-05*


 The Dow  has  this  nasty Reisitance  line  again...... going  into  next week..

  Just  look  at  the  1st  chart  posted  here ....can  we  get  a  close  or  2  above  th 10560 area ?  Well,  if  you  look  at  the  intraday  charts and  we  get  a  close above this  area it  will  look  like  it  is  breaking  out  ...  and  there  for  I  would not  be  intersted ... 

  To  many  break  outs  fail .....
   dont buy Breakouts  ......  

   The  word break out  is  the  same as  using profanity in  my  view ...
          Just  dont  like them  ,,,,,


 These  charts  are  being  posted  here  to  show  how  10,500  could  be a  major  support area ....  So  the  question  is  can  we  stay  above  10500 ?

   What  do  you  think  will  happen  if  we  break  and  stay  below  10,500 ?





TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …


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## tech/a (31 May 2005)

*Re: Dow.. (intraday )where do we go ? for 6-1-05*

Many support and resistance lines and areas fail.
Many many fibonacci points fail.
Many Elliot wave counts also fail.

Failure in any analysis shouldnt exempt the anlaysis from use but at times those using the analysis should exempt themselves from trading it-----its whats done with failure that will determine longterm success.


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## DTM (31 May 2005)

*Re: Dow.. (intraday )where do we go ? for 6-1-05*

Hi Market

In my opinion, looking at all the different time periods, ie the 1 hour, daily, weekly and monthly charts, it looks like its heading down.


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