INDU update: price moving back to ascending triangle trendlines

After price collapsed out of the rising wedge, as expected, price is now -also as expected- trying to move back in, but has not succeeded so far. Assuming major 5 is an abcde wave, the target for wave e is given assuming it equals wave a. However, at the 176.4% extension e=0.62x a (17185). Lets see how price reacts there. Note the bollinger bands are expanding and price shows strength. Shorting this train is, imho, deadly. Buying should have been done 5-600 points ago, and now -at least I do- sell into strength.

INDU update 08262014

 

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