Thursday, January 10, 2013

The Daily Outlook - $DJIA A New High?

***** Not so fast. Remember first we have to pass resistances then retest some lows and experience pullbacks. One thing for sure the 13661 test is close. It reached those highs back in Sept. and Oct. 2012 and now once again may test. Will it be the triple top to signal a major correction or will it be shot through and another high test reached? I always say that wicks and tails on a candle  like to be filled but the way they are filled will give a clearer answer to the question of the next step. So be patient and let the chart unfold.

You can be certain that the direction we are heading is lofty and it has had a long strenuous climb to this level, but the wheel seems to keep turning higher. Remember though that the nearer we get to the apex the more fear will be exhibited, hence fluctuations may become wild much like today's pop and drop. So always have your stops set no matter what you may see, that way you can keep your confidence.

There are never any guarantees that you'll make it to the top especially if you don't practice safety measures.  It's why I say to trade it well, and trade it carefully so you can trade it another day and keep the Wheel in the Sky turning.

Wheel In The Sky by Journey on Grooveshark

Thanks for reading and listening
Happy Trading, Living and Dancing

The Daily Outlook  - $DJIA  Looking forward

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