posted on Sep, 24 2013 @ 07:35 PM
We are currently in Type 3, Round 2, Week 30. The Dow has traded Monday and Tuesday. Tomorrow is that mercurial Wednesday. I'll be looking for
mainstream headline news indicating viability or lack of viability. If not on Wednesday, then perhaps Thursday, Friday or even Saturday may bring some
news clues. So far, Week 22 marks the top. Last week actually achieved record higher levels of daily trading, but ultimately closed the week priced
lower than Week 22. This week has started to the downside and I'm sure traders are concerned about the possible formation of a classic head and
Here is a snapshot of the Dow weekly chart....
This is a candlestick chart showing 111 trading weeks with 50-week simple moving average as well as 40-week and 240-week simple moving averages. There
are four yellow columns delineating three Rounds. The yellow column on the far left is actually Week 40 of the previous Round not shown on the chart.
That would be Type 2, Round 5, Week 40. The next week is Week 1 of Type 2, Round 6. The dates below the chart are for the Monday beginning trading
It is more than coincidence that Obama is facing challenges this week.
Former Fed Chairman Alan Greenspan has a new book due out October 22 called “The Map and the Territory: Risk, Human Nature, and the Future of
Forecasting.” On September 21, Mike Allen of Politico
posted some tasty quotes
from his advance copy of the book. The one that got my attention was the following.... “Our highest priority going forward is to fix our broken
political system. Short of that, there is no viable long-term solution to our badly warped economy.”