Dow Jones is showing all bullish signals on the Daily chart
Price is above 20 SMA with strong upwards momentum
Price has formed a Cup & Holder pattern on chart, entry in which is not yet confirmed, i have mentioned all the details on the chart with proper drawing
DJ:DJI may try to create #wpattern or double bottom on daily / hourly time frames at important support zone of daily time frame, if it breaks below the support level, we can achieve the expected downside targets soon.
The US headline CPI data released last week surprised the market with a smaller drop than expected. As such, a higher chance is being given to a 75-basis-points rate hike in the upcoming September FOMC meeting. The US stock market reacted with a major sell-off last week, signalling that the summer rally has overstayed its welcome.
The Dow Jones plunged by 1,300...
On a verge of breakout from falling wedge pattern. If happens it bullish sign and for more confirmation need to cross swing high of 35700.
All Important Supports and Resistances are drawn in chart. All levels are on closing basis.
Please have a look and revert back if you need some more study on it.
Disclaimer : Consult Your Financial Advisor Before Taking Any...
This is just a brief idea of what could happen in the week. If any positive news from the FED, the markets could take a nice bullish reversal.
Don't carry any short positions just yet. Because shorting from here has very less risk-reward ratio. The harmonics work better when the RSI also concurs. The bullish ABCD pattern when the RSI indicating...
Note: This is for educational purpose only.
There is a W pattern formation in DJI. RSI however is in neutral zone so need to be cautions. Price movement above the 28200 will see next major upmove.
Dow can retest 28600 with a stop below 20860.
The base line of ichimoku will be flat for another 11 hours unless Dow makes a new low. watch out for the breakout from the triangle pattern
