Short

Dow Jones: 4H Death Cross. Potential minor or major pull back.

Dow Jones futures have so far failed to recover the 28,200 All Time High and has turned neutral on 1D (ADX = 17.288, CCI = 8.0129, Highs/Lows = 0.0000). On the 4H chart we see a Death Cross formation emerging (MA50 crossing below the MA200). Within the monthly Channel Up we've been trading in for the majority of 2019, every time a 4H Death Cross emerged, the index gave 2 major pull backs (May, August) and 1 minor (October).

Given the fact that the major pull backs took place after tops on the Higher High zone (red color) and DJI marginally touched that region on the 28,200 High, we assume that the current pull back will be a major one (around -7%). The Target Zone on this one is 26,600 - 26,180.

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