Let's focus on Dow intraday analysis.
Again we see a triangle formation. Dow jones will trade within the triangle until it breaks out of it. However, unlike the last time I did an intraday analysis on Dow, this time the triangle is symmetrical. This means it have equal chance of breaking upwards or downwards. Hard to say which one by looking at it alone.
I have really no idea which side it will break out. Let's make a guess, it'll break out around 1:30pm. Looking at 20 min EMA, seems like it is well supported at 13,100 level. I guess it'll break down on the downside since the high is getting lower each time, though we didn't see the lows getting lower, haha!
We'll see how it goes. So far, Dow +0.16 now.
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15 mins later
Wow...faster than I thought. Obviously the theory that the breakout will occur at the point where the top and bottom trend intersect is false. It can happen anytime before the intersection.
It breaks out on the topside of the symmetrical triangle. But volume seems to be decreasing, so it is not convincing for me. Might see it go down later, who knows. But 13,100 level is tested twice for 20 ema, so should act as strong support. I think it's a double bottom formation for ema, a bullish reversal sign.
Cheong ah, DOW JONES!
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