The DJIA looking from weekly time frame

I have been a little below the wind the last few days. the bad cough is simply not going away even after 2 rounds with the doctors. It seems like cough is getting more dirfficult to cure, I wonder if it is due to the strengthening of th cough and flu virus.

The last I mentioned DJIA, I noted that I was confident of its descent. I still am.


Fig 1 DJIA Weekly Chart

As I looked at the weekly chart, its indicators are not as sensitive to the DJIA movement. However, the Stochastic is already at turning point while RSI slowing its escalation. I don't exactly know if the coming week is ascending or descending,I do not expect anything spectacular, what would you expect at U-turn anyway?

However, I do notice that the next resistance of DJIA is 11,753, I consider this level might not be so reachable base on its present setting. The closest resistance earlier at 10,827 is now its support. I suspect however, this might be broken back by next week.

If this guy is going up, against all odds. Streched out another measurement using Fibonacci retracement reference from starting point of A to end of C on the previous wave. The 61.8% retracement resistance is located at 11,271. this should be where DJIA would stop.


Fig 2 DJIA Daily Chart

If you look at DJIA Daily Chart, you will find something slightly different.Stochastic has already turned and coming down. RSI is also coming down, with one difference, it is diverging.

Now the most crucial part of DJIA is the Wedge envelop at 10,847.