This chart shows the current picture of the Dow with 8, 21,34 MA:s. The 8 MA has been touched three times by the weekly bars but twice they have closed down the last trading day of the week. The current price is just above the moving average (MA) which can bee seen on the last bar. The blue MA is the 21 week MA is also down and have crossed the 34 week MA which is down. Since the 34 week MA is down as well the bear market is in place according to me.
The weekly chart is the most important of all charts to decide the longer trend. I am expecting the 8 MA to turn up quite soon and then the medium trend will be up. Later the 8 MA might cross the 21 MA on upside but it will not cross the 34 week falling MA which shows the long term trend.
The weekly chart is the most important of all charts to decide the longer trend. I am expecting the 8 MA to turn up quite soon and then the medium trend will be up. Later the 8 MA might cross the 21 MA on upside but it will not cross the 34 week falling MA which shows the long term trend.
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