The DJIA on a weekly basis.......... everything takes time to play out when the Time Frame is Bigger/Larger ..... hence do not expect miracles to happen overnight
ENTRY TARGET SL Mention in the chart.
ALWAYS TAKE TRADE WITH CONFIRMATION
Note : Trading in any financial market is very risky. I post ideas for educational purpose only. It is not financial advice. Do not hold us responsible for any potential loss you may incur. Please consult your financial adviser before trading.
Dow Jones couldn't break the Inverse Head and Shoulder formed on daily TF. now has formed Double Top. A daily candle closing below the white cline can give the 2 targets on the downside marked with red line. For aggressive traders an hrly candle closing below the white line can go for shorts.
Current market movement looks like a beginning of a downtrend according to Elliott wave theory.
A small pullback taken by the market and from point A it's taking resistance.
confirmation of downtrend would come if point B breaks and market continues to rally down.
Hello All,
I am sharing my view of what could be the next move from Monday 1st may 2023, it gives implication that we have finished wave B of a cycle and going to see wave C & complete the wave Z..
the last leg upside acceleration of smaller degree wave C is a good indication of end of a wave and it implies that shorts are wiped out of the system ..
Now during...
next level of support is around 26800 for the US30 chart, using 1 hour time frame which shows bearish H&S pattern near resistance with a small SL.
Shorting near resistance is just a game of probability.
Dow Jones trading at upper range of trendline currently and are resisting to cross from last 5 trading sessions, if it did not cross then you can take a short trade below the recent low with stop loss of current recent swing high.
A third touch on the top resistance line showing rejections. The market is failing to continue going up while minor bullish structure has been broken. A good opportunity to go bearish is approaching.
Why analysis of DJI?
It is mostly seen that Indian markets follow US markets as FII infuse lot of investment in our markets. However there psychology is to follow the trend in US markets. However it is not entirely true as Indian markets do spring to life and at times do there own trajectories. eg In end Sep DJI touched its pre Covid levels of 28700, however...
once again Dow price rejection at previously discussed several times as resistance and distribution area as shown in chart. Rejection is very clear with diamond pattern indicating bearish trend towards target of 32000 which is previous seen support.
