DJIA crossed 10,000 mark!!!!

I have read with interest this morning that DJIA has crossed the 10,000 mark. It seems to be abig thing because 10,000 is a psychological level?



Fig. 1 DJIA Weekly chart

While looking at the chart, one question floated in my mind: So what? 10,000 point on the chart is rather insignificant because it is afterall neither a support nor resistance. It is just there. Further more, crossing the mark does not eliminate the fact that it is still inside the wedge. In fact, the extension of the envelop allow us to see the possibility of DJIA to go as high as 10,500.

Further to that, the measurement of a reverse head and shoulder still pointing DJIA to a mark of 11,300, provided it does not break down. The move between 1999 till 2002 for a single wave was 4,500 points. It should not be a shock to anyone that this wave should have relatively the same distance. But no matter what,it is still crucial not to ignore the wedge formation and when it breaks the lower envelop.