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DJIA in 2nd Wave Correction of C Wave Downward (Weekly)On Weekly Basis: DJIA has corrected almost 50% of its down move from 34152 to 28725. It is bear market correction, usually sharp bounces. It also has resistance of 50 DMA at 31125 which also a pivot point. DJIA fell from all time high of 36800 to 29888 which was A wave of Grand cycle and corrected 61.80% to B Grand Wave at 34152, also close to 200 DMA level of 33890. DJIA has entered into C Grand Wave which should be final capitulation phase with Sub waves of 1, 2, 3, 4, 5. In shorter frame, DJIA completed its Wave 1 from 34152 to 28725 and almost completed Wave 2 at current level of 31082. Soon it should resume sharp down movement with the target of 26441 completing its Wave 3. Warning and Disclaimer: Above prediction should not be taken as financial advise, it is a personal opinion. Consult your financial advisor. Investment is subject to market risks. Past performance is not the guarantee for future performance. It is for educational purpose only.
TVC:DJIShort
by AnkurSharda3
DJIADJIA Trend line breakout situation has been witnessed. RSI > 50 but showing minor negative divergence as it exited the overbought zone. Price rise currently not support by rise in RSI. Trend line breakout may take DJIA to 33800-34200 range which is marked with horizontal line. Overall as long as 31800 is not violated, volatility, correction and consolidation above 31800 will help to build a rise to 35400 and 36900. Support could get generated in case of fall back to trend line for minor correction and consolidation. Expect DJIA to move higher to test 33800-34200 in near term with volatility.
TVC:DJI
by hitendravasudeo
DJIA- Breakdown witnessed below 32500DJIA Breakdown has been witnessed on DJIA Our Dynamic Trend Averages - Orange and Green showing down trend as Orange < Green Our Lagging Trend Averages - Blue and Red showing down trend as blue < green Breakdown below 32500 has been witnessed. RSI is below 50 since 16 Feb 2023 closing of 33696 and since then RSI is below 50. RSI is now at 31.25 and DJIA at 31909. RSI trend is up if RSI is above 50 and RSI trend is down when RSI is below 50. RSI down trend has yield a down move from 33696 to 31909. The 50% retracement as shown is at 31706 and 61.8% is at 31000. RSI to be become oversold is very near and may test 50% and 61.8% retracement could be the point for bounce or swing bottom to be confirmed later by swing bottom formation What is Swing Bottom L > L-1 and H > H-1 and C > C-1 and C > open and H-1< H-2 and L-1 < L-2 and C-1< C-2 Volume need to get higher of the recent day if swing bottom in formed post RSI oversold or from either of the levels of 50% or 61.8%. The breakdown effect can be to 30782 which is 100% from the breakdown point of the rise 32581 to 34342. The difference from the breadown point to give the expect level of 30782. Pullback if happens can get resistance at 32500 or above with probablility of lower top. The last major lower top is 33572. Any pullback will be of the fall from 33572 for pullback First we have to witnessed swing bottom either by hitting oversol or by hitting retracement levels.
DJ:DJI
by hitendravasudeo