Dow Jones Industrial Index Technical Study

krushi1897 Updated   
TVC:DJI   Dow Jones Industrial Average Index

Analysis After 9th Dec 2022 Closing

> Dow Theory wise - It was Making HH &HL but After Last day of closing, it seems like there will be no another HH Furthermore in Weekly TF it has made Evening Star pattern also. ( Bearish )
> Wave Count wise - 5th Impulse wave is also finished, so probably corrective wave ABC might be possible for next week for DJI. ( Bearish )
>Chart Pattern Wise - Head & Shoulder patternis about to formed, confirmation after breakdown of neckline shown in chart. ( Bearish )
Bearish Divergence is also there in MACD and RSI too.

According to chart, just below neckline there is crucial red line, breakdown of that line red line is confirmation for all the above points.

Medium Term Target is end of 4th Impulse wave because of Depth off Correction Concept.

What if Analysis
Ignore this study, if on next trading day market opened with huge GAPUP and gone up.
Order cancelled:
As I mentioned in Description Ignore this study if huge GAPUP.
I hope you not forgot to forget the study when Stop Loss hit.
anyway, we'll again try to Analysis DJI.

Have A Good Day!!
Even after small Pullback, its Finally Came down and Breakdown Neckline and Red Support line shown in Chart.
View and target are same as before.
Furthermore, expecting if Dow Jones will reach at Target level other market sentiment also affect.

Have A Good Day!!
Resistance 33420
Support 32600
Sign of Confusion between bulls and bears strength, let anyone dominate first, wait for breakout or down.

Have a good Day!!!!
Just Remind you.
Concepts Works Well it's our impatience that keep failing us.
Watch Above chart right after 2.5 months but finally Dow Jones Taking support at Depth of correction.
This is just a reminder.
Have A Good Day!!
And possibly will be reverse from here.
As per Depth of correction concept !!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.