Dow high or low?

[fabijo]

So, how is everybody interpreting this long term view of the DJIA? (see the image below) To me, it appears we have much more room to go up before we hit resistance. The line I drew from 1932 served as long term support until 1973. It then served as resistance until 1995, which is around the time 1982's support line crossed 1932's support line. The support line from 1982 was broken in 2002. In 2003, we then returned to the long term support created in 1932. Now, I'm wondering if the support line we followed from 1982 to 2002 will now serve as our resistance. Wouldn't that be some beautiful resistance? If it is, then there is much more room up than down.

 

[Fivetears]

Looks like a good evaluation to me on either trend line. I just hope the rest of the world has the common sense to see it.
This drop seems like such non-sense when the industrials look this good.

Behold! The immaculate correction.

 

[Birchtree]

Reminds me of driving in the Blue Ridge Mountains of North Carolina. Seventeen thousand is my number for the Dow prior to 2010 when the next 4 year cycle is due to nest. And I'll try to buy each and every corrective dip along the way as well as chase every wall flower that attracts my attention. You must be an emerging disciple of the secular mega bull trend? It'll be sweet.

 

[fabijo]

You must be an emerging disciple of the secular mega bull trend? It'll be sweet.

I've read your posts about that a bunch of times, but my faith in the bull gets strengthened every day because of playing with the numbers in Excel. I occasionally look at the long term so I can get a better view and that has me convinced even more so that we are headed much further up. Staring at the chart above really gets me anticipating the huge wave up that should be coming. The way we've climbed since 2003 is weak. I just hope this past week did its intended job of shaking out the bears.

Whenever I see you posting bear articles, I chuckle because I know you are being sarcastic.