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$INDU, W - Nice Type 1 Buy & Bullish Flag
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Re: Bull Flag
I'd like to just add that from a non-elliot perspective, if the bull flag scenario is correct, the "measured move" projection on the S&P is 1435.05 (which I think computes to about DOW 12,100). From stockcharts.com chart school:
" The Measured Move is a three-part formation that begins as a reversal pattern and resumes as a continuation pattern. The Measured (Bull) Move consists of a reversal advance, correction/consolidation and continuation advance. Because the Measured (Bull) Move cannot be properly identified until after the correction/consolidation period, I have elected to categorize it as a continuation pattern. The pattern is usually long-term and forms over several months.
Continuation Advance - Length: The distance from the low to the high of the first advance can be applied to the low of the consolidation/retracement to estimate a projected advance. Some technicians like to measure by points, others in percentage terms. If the first advance was from 30 to 50 (20 points) and the consolidation/correction was to 40, then 60 would be the target of the second advance (50 - 30 = 20 : 40 + 20 = 60). "
Regards,
Jim
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