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Bulkowski's Blog Archive: ^DJI
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Busted
Patterns		 Candles Chart
Patterns		 Event
Patterns		 Small Patterns
As of 06/14/2019
  Industrials: 26,090 -17.16 -0.1%  
  Transports: 10,305 -42.06 -0.4%  
  Utilities: 816 +7.97 +1.0%  
  Nasdaq: 7,797 -40.47 -0.5%  
  S&P 500: 2,887 -4.66 -0.2%  
YTD
 +11.8%  
 +12.4%  
 +14.4%  
 +17.5%  
 +15.2%  
  Tom's Targets    Overview: 06/13/2019  
  Up arrow26,800 or 25,400 by 07/01/2019
  Up arrow10,700 or 9,900 by 07/01/2019
  Up arrow830 or 780 by 07/01/2019
  Up arrow8,150 or 7,575 by 07/01/2019
  Up arrow2,950 or 2,800 by 07/01/2019
As of 06/14/2019
  Industrials: 26,090 -17.16 -0.1%  
  Transports: 10,305 -42.06 -0.4%  
  Utilities: 816 +7.97 +1.0%  
  Nasdaq: 7,797 -40.47 -0.5%  
  S&P 500: 2,887 -4.66 -0.2%  
YTD
 +11.8%  
 +12.4%  
 +14.4%  
 +17.5%  
 +15.2%  
  Tom's Targets    Overview: 06/13/2019  
  Up arrow26,800 or 25,400 by 07/01/2019
  Up arrow10,700 or 9,900 by 07/01/2019
  Up arrow830 or 780 by 07/01/2019
  Up arrow8,150 or 7,575 by 07/01/2019
  Up arrow2,950 or 2,800 by 07/01/2019

Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.

 

Blog Posting: February 4, 2008, Dow Down From Here (^DJI)

The Dow Jones Industrial Average showing Fibonacci retrace values

The chart shows the Dow Jones Industrial Average with Fibonacci retrace values highlighted. They are the three red lines at 38%, 50%, and 62%, and they mark the upward retrace of the move from A to B.

The lines represent common reversal points. So far, a reversal hasn't happened, but we are right at the 62% line after a week of strong gains. Based on this and other charts, I sold a stock this morning (Charlotte Russe Holding, CHIC), expecting a short term reversal to occur.

Of course, the Dow could continue rising and the next turning point would be 75%. However, if that were to happen, I would say that the bull run is intact, and I would have to look for the next turning point.

 

Aftermath

The Dow Jones transports on the daily scale

As the chart shows, the Dow touched the 62% retrace line and then tumbled, climbed again to the 62% retrace line and then moved lower. What more is there to say?

-- Thomas Bulkowski

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Written by and copyright © 2005-2019 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions. See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners. Welcome to Psychiatric voice mail. If you are obsessive compulsive, please press 1 repeatedly.