As expected and communicated to our members regarding a Dow counter-trend action around the April 23rd/24th time frame, the Dow did register a high yesterday and our members were ready for action.
Armed with information and ready for the opportunity, aggressive traders took an intra-day trade yesterday. However, our more conservative general approach calls for awaiting confirmation. As such, we need to await prices to close well below the 17770 – 17800 area before we consider it as a valid sell signal.
Interestingly enough, yesterday’s prices tried once more to penetrate the upper alpha and beta pressure curves but turned back and closed below them, as you can see in the attached charts.
The alpha+beta pressure curves’ convergence has sure proven to be something to reckon with! Furthermore, yesterday’s high formed a double top with the convergence date of April 16th (left-most price bar)… Something to think about for those of you who are interested in market dynamics!
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