DOW JONES Don't lose sight of the great picture. Still bullish.

٢٠ أغسطس

Last week, while Dow Jones (DJI) was still under its 1D MA50, we called for a major rally, as technically the 5-month Channel Up has just priced its new Higher Low:

The index has now almost reached the Target of the first Bullish Leg of this pattern, pointing to a potential relief next.

On the larger picture however (1M time-frame), we had posted an article named 'Secret Cycles' on April 12 2024 (see chart below), during Dow Jones' previous pull-back that again inflicted fear in the markets, calling for a strong buy:

It is this chart that we revisit and expand up today, as we don't think the long-term trend has changed. We want to maintain a clear long-term perspective and following August's massive recovery 1M candle, we believe that Dow will enter by Q4 2024, the final stage (rally) of its current Cycle.

That has historically been 1 year at least, so as long as the index keeps holding and closing the monthly candles above the 1M MA50 (red trend-line), we will continue buying all monthly dips. Our 48850 long-term Target is intact.

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