A Candlestick “Hanging Man” bar formed in the Dow Industrials on January 8, 2010. The
Hanging Man” is bearish, but requires a lower Closing the next day for confirmation.
Our Indicators, not shown on this chart, contain numerous other bearish signals.
We have been awaiting the top end of this Great Rally of 2009 for many weeks. The Dow has fooled us many times into thinking that, perhaps, “this is the top.”
Nevertheless, we know that the Rally of 2009 has been an upside correction in an underlying bear trend which began in October 2007. It is not a question of “whether” the Rally will end; the only question is “When.”
There is a chance that, this time, it’s the “real thing.” We will be watching intently tomorrow to see whether the Dow does or does not close below last Friday’s Closing price.
.,.,,.
January 10, 2010
William Kurtz
For CandleWave, LLC
info@candlewave.com
http://www.candlewave.com
http://www.candlewaveblog.com
http://www.candelaabra.com
http://www.candelaabrablog.com
