Tuesday, February 27, 2007
Domed House in the Dow
Here is a daily chart of the Dow Industrial average going back to last summer's low point. On it I have numbered what I think are the turning points in a developing Domed House formation which is part of George Lindsay's Three Peaks and a Domed House pattern. I last commented on this subject here.
The break in the Dow over the past few days is in my opinion big enough to identify the last high as point 21 of the Domed House. Point 22 is probably developing right now and should be followed by a rally to the 13000 level in the Dow at which point I think point 23 will form. Right now I shall stick with my guess that this high will develop in late March, but there is still an even chance that point 23 will be delayed until April or May.