Saturday, April 29, 2017

04/28/17 Chart of the Day $DIA $INDU

Chart of The Day
^DJI's (price) higher high and REV LTCO's (energy) lower high defines an impulse that's losing energy. This common observation within all impulses only advises caution for the bears if paired with concentrated distribution. The Dow's DI is Q4. Trading Notes discusses this setup in further detail.

Experts screaming sell everything now will likely be frustrated. Consolidation can redistribute energy just as well as big declines. Moreover, intermediate tops usually take three attempts or drives to materialize. We haven't observed three attempts yet.

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