The Dow seems as if it has formed a rather sneaky looking bullish Inverse Head & Shoulders pattern. The Fed rally today caused a breakout of the Neckline occurring at the 38.2% Fibonacci advancement level from the selloff low. The rally seems to have hit resistance at the 50-day moving average occuring near the 50% Fibonacci advancement level. Technically, the price projection of a Head & Shoulders formation is the distance measured from the Head to the Neckline projected from upwards from the Neckline; -this translates to a price projection of 11,500 approx. However, retracments back to the Neckline providing support are possible before heading higher. A break and close below the Neckline invalidates the formation.
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