Bounce back to 24k+ expected for US30USD (DJI)

Dec 20, 2018

The DJI / US30USD is testing a major bullish trendline, which coincides with major support @ 23k.

RSI, MACD & Stochastics are all entering oversold territory. Daily candles have also distanced too far from the 200 MA.

Too early to say if we've touched bottom, but with the confluence above we should at least expect a short term bounce.

Initial target is the .382 retracement of the abyss that began Dec. 3rd, @ 24.3k-ish. It is also very probable that this could be an approximate point where it retests the daily 200 MA.

Further development depends on IF in gets there and HOW it gets there.

Dec 20, 2018

Note

Today it seemed that the index would simply ignore support & trendline, and it was pushing straight through them... but in the final trading hours it retraced back to the support level.

So what happens this Friday will be very important...