Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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From: skinowski	8/20/2008 8:10:02 PM
	of 3209

JNJ monthly chart. A 20 year great bull market for this stock, one of the best out there. I made this chart several months ago, and it is posted here unedited, except for labeling of the "big" 1, 2, 3 and 4 ("3" ending in 1999). The interesting thing about it is that with the recent new all time highs this stock is approaching its upper trendline resistance -- and therefore, conceivably, the end of its great bull market, and maybe the start of a large correction. It may overshoot the upper line, or it may fail to reach it -- the important thing is that all subdivisions needed for this huge (putative) Ending Diagonal are already in place. If JNJ breaks the lower line, I would think of it as an important indication for the broader market.

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