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.
