Dow Jones is turning down....

It is a relatively dull day today. I organized 2 meetings with my Engineers while my boss is trying to do some remote control. It is relatively uneventful.

The only thing I want to say is that the FAE from my KL office is such a jerk. I have this customer in his territory who have taken one of my kits and I want it back together with some feedback on what they want. Guess what he did? He referred me to another guy who happen to be located at Penang! It is as if the customer is not his responsibility at all.


Fig 1 DJIA Weekly Chart

I have not been looking at Dow Jones for a while because I felt that it is on side trend. When I look at it today using the weekly chart, it seems to me that it might be ready to come down, well at least temperarily since I am only looking at weekly chart.

The counter seems to be fulfilling a 5 wave pattern ever since July this year. It is doign the 5th right now because it poked through its previous high. If this is the scenario, the "c" wave is certainly a little small compare to "a". Nevertheless, the whole movement since March 2009 is about 61.8% retracement of the wave started October 2007. I gather that this whole move is a "B" before the great "C".

At present, the Stochastic is turning at its peak. The same with RSI except that it did not turn at its peak, it however indicated a divergence. So I guess Dow is showing some weakness.

The counter is right now resisted at 11,753 while supported by its 21 weeks moving average of 11,016.