DOW JONES INDUSTRIAL AVERAGE INDEX GANN WEEKLY ANALYSIS MAY 2024DJIA had a major swing from high of 03 Jan 2022 and low at 10 Oct 2022. The low of Oct 2022 came in at 28660.94. This was an important low as per Gann Master Square of 144. Thereafter we had a target of 36000 which was achieved nearly on 50% of weekly time cycle at high of 35679.13 on 31 July 2023. Correction was expected till 32400 levels we got an low of 32327.20 on 23 Oct 2023 an anniversary date of 10 Oct 2022.
Something workout to the perfection in Gann trading systems. It is for us the students of Gann School of thought process to follow the knowledge given by the legendary trader W. D. Gann himself. Also forget the heresay about him and the mysteries or doubts of his success as talked about in the media. You have to prove the things to your satisfaction and you will be a success are the very words of the master trader himself. Doubting is easy and proving to yourself is always hard. After doing it to your satisfaction there is no need to prove it to the world. Work silently and be happy.
After 36000 we were looking at the target of 39600 and voila we achieved it on 18 Mar 2024. Therafter correction to 36000 was expected but was restricted to 37611.56 at 50% level. The 50% rule will save you always to be on the right side of the markets. Currently we have cluster resistance at 39753.86 and 40101.02. The recent swing high 40051.05 so we are there at the cusp of the target. 40000 to be watched hereafter as psychological resistance or support whatever you call it. Major level ocn charts coming at 41141.66.
N.B. Not a financial advice to buy or sell.
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