Dow Jones Industrial Index Technical Study TVC:DJI
Analysis After 9th Dec 2022 Closing
> Dow Theory wise - It was Making HH &HL but After Last day of closing, it seems like there will be no another HH Furthermore in Weekly TF it has made Evening Star pattern also. (Bearish)
> Wave Count wise - 5th Impulse wave is also finished, so probably corrective wave ABC might be possible for next week for DJI. (Bearish)
>Chart Pattern Wise - Head & Shoulder pattern is about to formed, confirmation after breakdown of neckline shown in chart. (Bearish)
Bearish Divergence is also there in MACD and RSI too.
Furthermore,
According to chart, just below neckline there is crucial red line, breakdown of that line red line is confirmation for all the above points.
Medium Term Target is end of 4th Impulse wave because of Depth off Correction Concept.
What if Analysis
Ignore this study, if on next trading day market opened with huge GAPUP and gone up.
