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DOW : SHORTS WILL BE REWARDED.Previous analysis it was given to hold as Dow was on cross road of uptrend channel's and lower high trend line resistance. Yesterday after spending 30 min near resistance it gave up 200 points. Dow had respected the cross road resistance.Now from here keeping yesterdays high as SL, one can short Dow. Support could come at triangle " B " where 0.382 fibonacci level is placed @ 31100. The reason for going short with 200 points SL is 1 Any given stock / index always trade in line of support and resistance and in this process Geometrical shapes are formed. Father of stock market Mr Wilbert D Gaan have heavely relied on geometrical pattern. 2 If we see after yesterday's fall it seems Dow is on way completing triangle "B" which is 1/2 of triangle A+B. Triangle "A"being lower part and B being upper part. Lower part is complete and upper part is under construction. 3 It can be seen that after 700 point rise and 200 point fall this triangle B started looking incomplete, which will be complete at Point H. 4 but before it we have fibonacci support of 0.382 level @ 31100 and then on upward journey at 0.500 fibonacci level @31700 5 This a Analysis will be void if Dow starts trading above lower high trend line.
TVC:DJIShort
by Trendz9
Dow on cross road on weekly TF.Looking at weekly chart from 2017, Dow is was trading in a uptrend channel.Jan 2018 was first top made of channel at "A" , At " B" it made the support line. At "C" it made the second top, At " D "1st bottom was formed. At "E" Dow break out above channel in January 2021, This was period of ultra low policy, and packages for companies people's due to pendamic. Dow broke it's trend channel and was trading above this channel till May 2022. Dow gave life time high of 36700 .( The first high. )It came within the channel after May 22 and took second support at F ( we call it as support line from 2017 ). It made second lower high at Dec 22, and from red line one can see Dow had not gone above red line which we call it lower high downtrend line. Yesterday Dow rose 700 points and in 1 day I you see Dow had touch the lower high trend lin (red) and the upper end of uptrend channel at G. So right now Dow is making lower high of33762 at point G and making higher high of uptrend channel which was started from 2017. So right now Dow is at cross road at point G. Point G become resistance of down trend line and it also at resistance of uptrend channel. This simply means wait. Don't hurry in taking entry. Yesterday 700 point move is because of debth news and no fundamental change had happenedover night so Dow should rise 700 points. If fact dollar has weeken, crude out put is going to be cut. There are many headwind and tailwind. So wait and whatch how Dow is opening today, we hawe to see followup rally. Mostly after big move market consolidate.
TVC:DJI
by Trendz9
Dow: Taking support.Continueing hour earlier analysis, it is observed further that in above 15 minute time frame Dow had reversed from red downtrend line. MacD is above signal line on 15 min time frame. Given risky trader should wait for 30 min for Dow to trade below 32750. Dow had given low of 32739 on 15 min candlestick and from next 15 min candlestick has bounce back. This simply means buying is emerging at given level(32750). This is third time Dow had reversed from this level. Risky traders SL is not yet triggered and can continue with long till 32750 is not broken { Now SL is reduced to 32700 as low is 32739.) Rest long and short entry remain same till this point of time. Today's close will give us clear picture.
TVC:DJI
by Trendz9
Short DOW: Keep SL of today's highDow had almost done 0.618 Fsbonacci level, Today's low is 32655,where as Fabonacci level is 32500. As said 0.618 Fabonacci levels is a very strong level, Dow can reverse from here up to 0.368. Last five days Dow is making steep lower low and lower high. (Red line). Today is fifth day Dow is continuing with lower low lower high. No5 also denotes Fabonacci No. It is always good to be coutious from here onwards. Any break above red line Dow can change its trend atleast for short term. So keep trailing SL above Red line and continue short position. Any time if Dow close above yellow line running up from 31388, will confirm Dow's up trend and shorts need to be covered that point if not covered above red line.
TVC:DJIShort
by Trendz9
Sell Dow Previous analysis it was said that Dow had given up 20DMA support and trading below triangle pattern. It was guessed Dow will start its downward journey. But it didn't happen and today Dow recovered all its losses and is again trading at 33400l level. But if we see carefully Dow is making lower high. Yellow trend line is running down from 34287, 34792 and today 33455. Distance from 34287 to 33792 to 33455 is 450 pts and 350 pts. which is appx retracement of 50% and 42% near to(0.380) Fibonacci level. So what ever bounce back was to happen is happening today itself. This bounce can be taken as continuation pattern unless 50DMA is not taken away on upper side and the second lower high of 33792 is taken out , MACD remains below signal line, till then Dow will remain short candidate.
TVC:DJIShort
by Trendz9
SELL DOWToday Dow had finally given up 20 day EMA support . Not only it had given up 20DEMA but also completed inverted triangle pattern and now is trading below it. MACD also came below zero line which is comfortable signal for short sellers. If Dow remains below this support and triangle pattern then Dow is looking at 32K. Industrial production YOY for April was revised from 53 to 0.07. May Industrial production is also low at 0.24. Hence Economic conditions too are favoring Short Sellers. Conclusion go short after yesterdays wait and watch.
TVC:DJIShort
by Trendz9