Yeah wow that was fast. Now I expect it to go up to 1.31 area. But as usual, if you have been following Sive's analysis, we always wait for a retracement before entering again; try not to chase the market, so I will be entering later if there is a retracement. I need to leave my desk in 5mins only to return at US market opening. No way I'm gonna enter a position for now anyway.
Yeah wow that was fast. Now I expect it to go up to 1.31 area. But as usual, if you have been following Sive's analysis, we always wait for a retracement before entering again; try not to chase the market, so I will be entering later if there is a retracement. I need to leave my desk in 5mins only to return at US market opening. No way I'm gonna enter a position for now anyway.
Hi Mandrake,
here is your DJIA chart, but I do not see any DRPO.
The fact that market has passed through this area tells about the strength.
We have an intermediate resistance at 1.2860 (weekly Pivot resistance 2).
The next major level is 1.30-1.31. I've told about this area very often - just look at weekly chart (for those who didn't see it).
Personally, I 'll take a pause to see the development of price action. We can't exclude W&R here. Let's see. But I have a feelings not technical analysis, but feelings that probably this will be a move to 1.30-1.31 Confluence resistance XOP and weekly overbought...