Dow Jones (DJI) has been trading within a 4-year Channel Up since the start of the 2022 Inflation Crisis. One month ago it hit the top of this pattern and hasn't made a new High since.
This is increasingly alarming as the 1W RSI is on a Bearish Divergence under Lower Highs against the market's Higher Highs. Every time this took place within this pattern, the index corrected heavily and attempted a 1W MA200 (orange trend-line) test.
As a result, if Dow fails to make a new High, we expect the bearish sentiment to intensify and start a new Bear Cycle (Bearish Leg for the Channel Up) towards its 1W MA200 and the 0.618 Fibonacci retracement level, which was the Target of the previous correction. Based on that it is possible for the index to hit 40800 at the bottom of the Channel Up.
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This is increasingly alarming as the 1W RSI is on a Bearish Divergence under Lower Highs against the market's Higher Highs. Every time this took place within this pattern, the index corrected heavily and attempted a 1W MA200 (orange trend-line) test.
As a result, if Dow fails to make a new High, we expect the bearish sentiment to intensify and start a new Bear Cycle (Bearish Leg for the Channel Up) towards its 1W MA200 and the 0.618 Fibonacci retracement level, which was the Target of the previous correction. Based on that it is possible for the index to hit 40800 at the bottom of the Channel Up.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.