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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (32824)	5/30/2012 7:57:08 AM
From: chartseer	Read Replies (3) \| Respond to of 222175

No I do not. To me the DJIA has reversed into a Bear MArket. The down trend is in charge for now. In the Pnf chart. . see the red down trend line which is currently in charge?. That expresses the current market momentum. The last buy signal is in a Bear mart with tons of resistance above starting at 12750. At best it may be a trading market as the DJIA tries to reverse itself, which wont be easy if at all possible. Why fight the current trend line? Until $indu chart reverses itself at least. On the other hand SPX and QQQ aren't yet in confirmation. The bullih price objective is based on the latest buy signal only and doesn't take into consideraration the Red Down trend line. It is only a calculation based strictly on the buy signa . I doubt it will be achieved based on the resistance and the down trendline. Backing and filling will tell more as we move sidewaysl. I would expect a bounce off 12750 and the forming of a new uptrend first if the current bullish price objective is to be met. Currently I am going with the down trend line until I change my mind. One buy signal isn't enough considering the whole chart. I would be interested in any and all PnF opinions. "PnF charting isn't a science it is an art." Two people can look at the same PnF chart and get two completely different opinions. Plus there are slews of other data that PnFer's use in conjuntion with their charts. What does that tell you. Another thing is I am usually always wrong.