INDU: who wants wild whips?

So far the breakout off the possible ascending triangle hasn’t work. As I wrote in my post, it would have needed to be on higher than average volume and it was on lower than average volume. That should have kept me on guard, but to day caught me off guard. Still no harm done, price is still right on the ascending line, and if it holds than the higher highs and higher lows pattern remain in effect. Note that today, intra-day the hourly RSI(5) almost got to 1. The lowest reading I can recall. Sign off things to come, or a totally OS market that fails to make new lows and hence which is very bullish? Time will tell. For now I’ve labeled it still as 1 and 2s, but it can also be labeled as an ED (it’s been 3 waves up and 3 down lately) with a classic little over trow and setting up for a rapid break down. Question is, tech has been severely beaten already, and there’s not much wiggle room for lower lows before things really would become very ugly.

INDU update 05152014

 

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