INDU Dow Industrials Descending Triangle Today 3-31-11

Dow Industrials showing a descending triangle today that collapsed in the final minutes. As the price failed thru the baseline at 12335, look at how the volume exploded as traders thru shares overboard ahead of tomorrows jobs report.  Price did the obligatory back kiss of the base line, and then rolled over to close at the low, saved by the bell.

Typcially the drop out of a descending triangle targets the same distance as the rise, in this case, 12335 to the 12380 top at 10:30 AM EST yields a distance of 45 points, thus, the target price once the baseline failed is 12335-45=12290. The Dow closed at 12320 so price needs to drop another 30 points after the open to satisfy the descending triangle. We'll find out tomorrow morning. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.