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Dow Jones Industrial Average IndexDow Jones Industrial Average IndexDow Jones Industrial Average Index

Dow Jones Industrial Average Index

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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.
TVC:DJIShort
by KRSCharts
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