YM Dow spike and channel pattern, Break of pattern = 37% dump

Jan 26

The final push up in this spike and channel pattern. I don't know when it will resume the up move and from where. I also don't know what the top will be. I will trade the bearish break of this pattern. There is about 1000 points left to the upside.

I got in too early back on the 18th and will wait until it gets up to my levels.




Short Term Bullish until February 9th-15th
January FOMC probable no rate changes
Long Term Bearish
March FOMC possible rate cut/ Pivot = Dump
Statistics show price trading roughly 3% lower into the Fed Pivot

Jan 26

Note

Spike and channels are a rare pattern that signals aggressive buying and FOMO. It is a bearish pattern as once there is no more buyers left, it starts to fail and the first target is always the base