Dow Should Rally Ahead of Correction
My work argues that last weeks pivot
low off of the rising 50 DMA started a
new upleg that likely completed its
initial rally phase this AM at 11,117.
After a brief pause-pullback, the DJIA
should rally to new 2006 highs above
11,159 on the way to a final target zone
of 11,250-11,320 to conclude the entire
advance off of the Oct. 2005 low at
10,157. In other words, the bull phase
is not over, yet, but it is in the 11th
hour prior to a significant correction.
MJP 03/13/06 4 PM ET 11,076
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