Dow 11500?

Everyone wants to know where will the current rally take us?  Will be able to break 10000 on the Dow Jones?  Will we eventually go back to the old highs?  Obviously nobody knows the exact answer, but one thing we know is that many people look at the same charts and sometimes it’s a self-fulfilling prophecy.

Below is a picture of the Dow Jones going back to 1989 (monthly).  We could be setting up for a massive head and shoulders.  The left shoulder is the 1999/2000 time frame.  The head was October 2007.  If we continue to rally with some minor pullbacks, we could ultimately rally to 11500 over the next few months.  At that point, the technicians will be watching this chart closely.  The long term head and shoulders would be complete and we could fall hard.  Just food for thought.

headandshoulders9 30 09Dow Jones (1989-Present) monthly

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