DOW opens notably higher today and is trading up over 200 pts within the first 30mins. As we noted here, a based was formed at 23344.52/23360.29. 24314.30 is taken out with ease today. But again, the real hurdle is trend line resistance (now at around 24835). Failure to sustain above there will press recent price actions from 23360.29 into a triangle consolidation pattern. Meanwhile, firm break of the trend line will bring further rise to 25449.15/25800.35 resistance zone, as part of a rectangle pattern.
Though, in either case, we’re still expecting the correction from 26616.71 high to extend with another falling leg through 23351.24 at a later stage.
