DJIA Pitchforks and Trendlines Clash

In late Nov 2009 and early Dec 2009, the DJIA upward thrust was confined by the upper channel of major blue pitchfork . This was followed by resistance from the pink dotted internal trend line which is being tested now. All these events were being played out within the uppper channel of the red minor pitchfork. Breakout above the pink immediate resistance trend line will propel the index upwards to the upper channel of the blue major pitchfork again. The major green down trend line is the gatekeeper preventing higher advance. The red minor pitchfork best describe the index movement now and will most probably be the best guide whether the index climbs higher to lofty heights or slides down lower to either its median line or its lower channel line.


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