The Dow Jones Industrial Average Index (DJIA) made initially a direct hit on our July 05 (see 1st chart below) 41000 Target and following the rejection then, is on its way of hitting the 39200 downside Target (July 17, 2nd chart below) as well:
Zooming out to the long-term pattern again after a while, we can still see that the dominant technical structure is a Channel Up that first started on the September 30 2022 inflation crisis bottom.
On the more medium-term, we can isolate a (dashed) Channel Up that started on the April 19 2024 Low. It appears that the current correction is technically its new Bearish Leg. Symmetrically, we should be expecting the new Higher Low to make contact with the 1D MA50 (blue trend-line). That is our first buy entry.
The second is just below the 0.5 Fibonacci Channel level, which can potentially make near contact with the 1D MA200 (orange trend-line), a strong long-term Support. That scenario is drawn based on the October 27 2023 bottom which was after a symmetrical correction (-9.25%) with the March 20 2023 bottom. Similarly, the current Bearish Leg could be symmetrical (-6.84%) with the correction that led to the April 18 2024 Low.
For both buy entries, our new long-term Target will be 42400 (Higher High on the medium-term Channel Up).
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Zooming out to the long-term pattern again after a while, we can still see that the dominant technical structure is a Channel Up that first started on the September 30 2022 inflation crisis bottom.
On the more medium-term, we can isolate a (dashed) Channel Up that started on the April 19 2024 Low. It appears that the current correction is technically its new Bearish Leg. Symmetrically, we should be expecting the new Higher Low to make contact with the 1D MA50 (blue trend-line). That is our first buy entry.
The second is just below the 0.5 Fibonacci Channel level, which can potentially make near contact with the 1D MA200 (orange trend-line), a strong long-term Support. That scenario is drawn based on the October 27 2023 bottom which was after a symmetrical correction (-9.25%) with the March 20 2023 bottom. Similarly, the current Bearish Leg could be symmetrical (-6.84%) with the correction that led to the April 18 2024 Low.
For both buy entries, our new long-term Target will be 42400 (Higher High on the medium-term 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
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
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
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.