DJI down 17% to 30636 VWAP fr Covid low; will 20% @29570 be next
DJI retraced already 17% from 36952 ATH to a low of 30636, now at 32120. This completed a 1:1 abc corrective wave. 30636 is also the black VWAP from pandemic low. This may be the bottom if 30636 holds.
If it does not hold, DJI may retrace 20 % (bear market boundary) to 29570 pivot which is also the pre-pandemic top. This will be near the 0.382 FIB retracement level from pandemic low of 18213 to ATH of 36952. This will also be a retracement back to the base of my slanted FIB CHANNEL.
If yields continue to rise, value stocks will outperform growth & tech stocks.
Not trading advice
If it does not hold, DJI may retrace 20 % (bear market boundary) to 29570 pivot which is also the pre-pandemic top. This will be near the 0.382 FIB retracement level from pandemic low of 18213 to ATH of 36952. This will also be a retracement back to the base of my slanted FIB CHANNEL.
If yields continue to rise, value stocks will outperform growth & tech stocks.
Not trading advice
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