Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Friday, September 16, 2011

Dow Jones Industrial Average (DJIA) Technical Analysis 2011.09.08

The Dow Jones Industrial Average Index had a 700 points rally since 12th of august in what could be la last move of a flat correction standing for wave ii of a 5 wave downward move.

Today’s closest resistance is at $11.480 and a brake of it will highlight the 11.712 area resistance. This will be the last resistance of this scenario (flat correction) and a move above it will invalidate this Elliott wave count.

The last up-move fits in a wedge pattern and a break of it can lead to $11.140 area target.  The main concern about a local top in 11.480 area is the Nikkei bullish look for today’s session. 

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