Index is trading in time cycle of 106 days and 73 trading bars on daily time frame,
after every 106 days index tends to make peak and reverse below previous low levels,
106 days cycle maturing soon,, need to keep watch on that time cycle,
index have given break out from descending trend line resistance, and sustaining above that levels,
but till it does not sustain above levels of previous swing high,, there is probability of 3 drive harmonic pattern formation,, which would lead index to fresh low levels ,
in both case study of time cycle and harmonic, there is probability for dow jones making fresh 52 weeks low,,
at the moment reversal below trend line is necessary to consider the end of bullish trend,
RSI is making bearish divergence and also RSI have broken the trend line and at the moment is at retest levels,,
if reversal is confirmed index will give sharp fall ,waiting for confirmation below trend line on daily candle..
This view is conditional.
after every 106 days index tends to make peak and reverse below previous low levels,
106 days cycle maturing soon,, need to keep watch on that time cycle,
index have given break out from descending trend line resistance, and sustaining above that levels,
but till it does not sustain above levels of previous swing high,, there is probability of 3 drive harmonic pattern formation,, which would lead index to fresh low levels ,
in both case study of time cycle and harmonic, there is probability for dow jones making fresh 52 weeks low,,
at the moment reversal below trend line is necessary to consider the end of bullish trend,
RSI is making bearish divergence and also RSI have broken the trend line and at the moment is at retest levels,,
if reversal is confirmed index will give sharp fall ,waiting for confirmation below trend line on daily candle..
This view is conditional.