Dow Jones is trading within a wide Channel Up on the 1D time-frame since the November U.S. elections break-out. Applying the Fibonacci Channel levels really gives this a better perspective.
Yesterday the price hit the 1D MA50 (blue trend-line). As you see every contact within the 1D MA50 since January has been a buy opportunity. So far even when the 1D MA50 breaks slightly, the price never goes below the Ichimoku Cloud. Yesterday we had a hit both on the 1D MA50 and the Ichimoku. I believe that should be enough to initiate a rebound within the current phase of the Channel Up.
The question is, will that be like the March 04 rebound which broke above that Channel and took the index to the higher Fibonacci levels? What do you think?
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We have the first signal of the DOW sell signal. DOW under 33587= exit all markets or short the hell out of it bc the end is near. Good luck for everyone that does not see what is going on in the real world and what the elites are up to...
financialflagship
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Strong analysis, keep up the good work. 🙌
UnknownUnicorn23694386
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YM has 7 red 1D bars in sequence which allows opportunity for buying. But the support here is not a real support, it is far overextended. I would wait for 33500.
Sobhan_23
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A little ambitious but probable
Fractal_C7
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I'm still bullish overall, but there's a sharp correction coming on the next weeks (or at least a long consolidation). MACD, RSI and volume (VFI on IVV) are now on divergence with prices. Weekly MACD already pointing down.
Dianthus
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@douglavras, take a broader look. Very big bear divs on the longer term...
Fractal_C7
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@Dianthus, we'll have to evaluate when the correction comes. We have to see the strength and duration of it. But for now, no longs on SPX/DJI.