Dow Jones Has Formed Broadening Descending Wedge

By January 20, 2014 Market Analysis No Comments

Dow Jones has formed Broadening Descending Wedge and a breakout is expected. On Wednesday members were informed that market will consolidate and go on sideways pattern and starting next trading day which is Tuesday (holiday on Monday) market should move higher and Dow Jones should breakout. The confirmation of breakout will come when Dow Jones will break the high of 16,588 which it made on December 31st, 2013. On Friday, January 17th, Dow Jones closed at 16,458.

On Friday, January 17th, 2014 S&P has closed at 1838.70. Break of 1852 will trigger next leg up towards 1865-1875 target range or possibly overshoot to 1890 area. The above targets can be achieved by February 4th or 9th.

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