This is the Dow Jones Industrial Average weekly chart (The ETF index fund DIA is being used.). Basically, there is an idealized wave structure that is emerging: wave (2) is nearing a top or has already hit a top. There is a possibility of more push to the upside if the INDU rallies above the trend line which connects the top of wave 2 in wave (1) with the area of where wave (2) is. However, due to the growing optimism, a breach of the trend line might be expected to be short lived, and this would be called a throw-over, as discussed in the Elliot Wave Principle (Frost and Prechter pg 39).
This is the Dow Jones Industrial Average weekly chart. Basically, there is an idealized wave structure that is emerging: wave (2) is nearing a top or has already hit a top. There is a possibility of more push to the upside if the INDU rallies above 9918, the short-term top. However, the most important concept from this chart is the waning volume, as we have rallied since the March 2009 low. Even though the market is near the highest level in months, the volume is declining.
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