by David G. Hawkins
In this mid-month review, I focus on the weekly and daily bars charts. My next post, at the end of this month, will be at the end of both the quarter and the year, so then I’ll review the monthly and quarterly bars charts.
Intermediate Term – Weekly Bars Chart
The first chart here is the weekly bars chart. In my last post, I observed that extreme market volatility was scrambling the charts, making it difficult to identify any trends. But now, I think I’m beginning to see some hints that trending is starting to emerge from the fog. The market is still being confined between Left R1 and Left S1, as described in my last post, but look at what’s been happening over the last two months; we’ve seen a higher high (Oct. 28) and a higher low (Nov. 25), which is the traditional definition of an uptrend. For confirmation, we’ll need to see the next high be above Left R1. If that happens, we’ll be in a strong bull market in this timeframe.
Short Term – Daily Bars Chart
The second chart here is the daily bars chart. Although the downward pressure from Price Projection has ended (see blue bars and last post), the market did sell off over the last two weeks. However, in the last three days, it found firm support at the bolded S1 that was launched at the beginning of October. And just yesterday, price started to lift from that support. If this continues, we will have established a higher low, and thus may be starting an uptrend. Overall, though, the appearance of this chart is still rather chaotic, still “in the fog”, so to speak.