Dow has stiff competition in the form of resistance dating back 70-years…
Interesting that the potential Head, in the head & shoulders pattern, tested the underside of this 70-year line.
Keep this chart around for big picture perspective…
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Patric
Per the “recent peak being the right shoulder and not the head comment”
Take a look at the post…”Putting lipstick on a Pig” The head in that chart is what I was referring to in the Dow 70-year chart. That “head” is was was pushing up against the 70-year line.
Sorry I didn’t make that one easier to see/understand.
Appreciate the comment and the viewership Patric.
Chris
Good Luck Chris! I’ve been following your additions to dshort since you started contributing there.
In the second picture, I think you’re suggesting, as you noted with Tom, that the recent peak may be the “right shoulder” and not the “head” of a very large head and shoulders pattern. (even though, the recent peak is the “head” of the local head and shoulders pattern) Is that what you meant it to read?
Of course this begs the question if such long term patterns should be adjusted for inflation or not… If this pattern holds, then that seems to suggest that adjustment may not be necessary.
Tom,
Yes that could be a monster head and shoulders…
Agree the impact would be large!
Thank you for the comments,
Chris
Great job Chris.
Look at your blog hits. Best thing all could do is pass it on to their friends.
His stuff is awesome, pass it on folks!
Captain John
Hi Chris,
Love your new blog. Fantastic, important, big picture charts.
Found the second chart “Stiff Competition For The Dow” very interesting. Do I see a giant head and shoulders top pattern with the left shoulder in the mid-late90’s, the head in the mid 2000’s and the right shoulder starting to form currently? If so, may this signify a major, major economic happening is soon to occur?
Thanks,
Tom Swiatek [email protected]
Congrats Chris!
This will most surely be quite the popular website.
Thanks for your selfless (Doug too) sharing of knowledge. You’ve really helped my learning curve on many a factors.
Sean