Markets Timing - DJIA 13,232 up+65 p&f charts.
I don't need to write too much this time, but here goes.
The pt.& fig.chart has ended it's rally off the low at 12,750 that came
dn.off the high 14,150. Take the drop of 1,400 pts.times 0. 618 and we
get 865 pts. Add the low, 12,750 + 865 = 13,615. The chart shows the
rise reached the sq. 13,750 and it's has given sell signal breaking
down at the 13,350 sq. ( Now you know why I sign off as Mr.618. )
Last Mkt.Timing report was dated Dec.9th then at 13,625 and before
that dated Dec.6th and I wrote:-
"So the next resistance number is a return to 13,900"
Last week on Dec.11th the intraday high hit 13,850, just 50 pts.short.
That day the DJIA closed 13,432 dn-295 pts. and hit a intraday low on
Friday Dec.14th at 13,284 dn-178. The low as almost at a resistance
level of 13,300, so there you had the high and low for the week.
We are at the year end now and window dressing is at a max, so any
thing can happen and the chart here has turned down and so is the
economy, and good chance of a recession in 2008 by my account.
Reading pt.& fig.charts is where it is. Take a looky-C.
Advisors Sentiment.
Dec.5th. Bulls moved up to 49.4% from 47.3% a week ago.
The Bears fell to 27.6% after rising from 29.0% last week.
Dec.12th Bulls rose up to 53.3% from 49.4% and Bears fell to 25.6%
from 27.6%. Correction at 21.1% from 23.0 last week.
Figs.c/o Investors Intelligence at www.investorsintelligence.com
Charlton Capital Ltd. Mr.618 here.