Primary trendline - Green line
Secondary trendline - Yellow line (Rising wedge
Minor - white line (Baby wedge
Longterm, the primary trend is upwards
Midterm , atleast a 10-12% correction from secondary trendline back to primary is in store in
the next week or 2
Short term - the Dow is trying to make it back to the top of secondary around 35,300-35,450 but first it has break back in minor trendline which was previous support around 34,730.
The media will say inflation fears cause this correction but the pattern was forming since last fall. So which came first, the chicken or the egg
Secondary trendline - Yellow line (Rising wedge
Minor - white line (Baby wedge
Longterm, the primary trend is upwards
Midterm , atleast a 10-12% correction from secondary trendline back to primary is in store in
the next week or 2
Short term - the Dow is trying to make it back to the top of secondary around 35,300-35,450 but first it has break back in minor trendline which was previous support around 34,730.
The media will say inflation fears cause this correction but the pattern was forming since last fall. So which came first, the chicken or the egg
