US30(DOW30) may show some reaction near upper channel zone as shown in the chart
I haven't delibertely labelled few wave counts...will update with wave counts as I get more clarity....
Short term investors should be careful here @ this junture....
Just for educational purpose.
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before taking any trade on them. we are not SEBI registered.
Dow is doing some range bounded trades. So to go upward it have to break resistance and if it goes downward it have good support at 25850 lvl, If it break this level it have another support at 25140. It can do make this range bounded trade till next week and then it will breakout.
LET US COMPARE MY LAST WEEK STATEMENTS FOR DOW WITH THIS WEEK MOVEMENT.
1. I HAVE ATTACHED LINK OF MY PREVOIUS POST , SENT ON 5TH OF MAY 2020. YOU CAN SEE I SHARED A UPWARDS JOURNEY OF DOW IN THIS WEEK. SAME HAPPENED . IN PREVOUS POST I TALKED ABOUT A RED CHANNEL LOWER BAND WHICH WAS FORMED LAST WEEK. AND FROM THERE YOU SEE UP MOVE. I MADE THE CONCEPT...
As we are observing since weeks, this is moving in a range bound even federal and Trumph trying many ways to keep future full of optimism. Later move came from oil price again positive from destructed value. US -trump putting allegation on china and business war so on.
PS - One negative attitude or any bankruptcy will take away the this rally, keep caution while...
Yellow box: M formation is done. The last candle is a spinning top which indicates indecision in this counter. A break below 340 pinpoint may show us 330 levels. Another support is there at 324 where consolidation can be seen. If any bad news in BA other downside levels will open. This is my cautious view for the coming week.