Dow Jones Index has made a double top and now threatening to fall below support.
Looking at the charts and the extent of rally we had for past 2 years...we may be in for a big correction and the correction we are seeing may just be the beginning of a long term bear market in US markets which may spread all over the world.
1) Dow Jones Industrial Average is still above its 50 week EMA.
2) It has formed a double top with a bearish divergence on RSI and Stochastic oscillator.
3) An ascending triangle formation is possible is the lower trendline is not violated.
For Observation.
As of now GAP down Opening & maintaining,
Also in Fib R 0.886 of "AB"
Can we see same in Indian Indices on Monday..... have to wait for 45 hours.
After FED Decision "Federal Reserve officials raised interest rates for the second time this year and upgraded their forecast to four total increases in 2018, as unemployment falls and inflation overshoots their target faster than previously projected."
Dow Jones* often refers to the Dow Jones Industrial Average, which was one of the first stock indices and is one of the most commonly referred to barometers of equity performance in the United States. The Dow Jones Industrial Average, not to be confused with the Dow Jones Transportation index (which was the first index), is often called, "the Dow" or "DJIA," and consists of thirty stocks which traditionally were industrial-based. But in recent years as the US economy has become more consumer-oriented, the index has seen a change in composition that no longer has much to do with direct industrial investment.
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TVC:DJI
