DOW within 1% of MAJOR Support
The DOW has come down a lot these past weeks but it still hasn't come down to devastating levels yet.
I published my daily chart for the DOW on March 14 which stated that when the triangle was breached a big move was imminent. Well the BIG move happened and now we have to capitalize on what we now have.
What we have:
What we now have is a market that has had about an 11% correction in 2 months which is notable but relatively common.
More importantly we have a market that has a major monthly support about to be tested.
What to do?
If you look at the monthly DOW chart, the monthly support typically holds and it either fully recoups within 2 months or trades sideways within that zone for a while.
If the monthly support fails a bigger correction will not be unheard of so be extremely cautious if it drops below 23,360 even for a second.
We have a risk of only 173 points with the market currently at 23,533. This is less than a 1% risk! Upside potential is 13% in 2 months. That's a 13:1 upside ratio! The choice as always is yours.
Let me know what you think.
I published my daily chart for the DOW on March 14 which stated that when the triangle was breached a big move was imminent. Well the BIG move happened and now we have to capitalize on what we now have.
What we have:
What we now have is a market that has had about an 11% correction in 2 months which is notable but relatively common.
More importantly we have a market that has a major monthly support about to be tested.
What to do?
If you look at the monthly DOW chart, the monthly support typically holds and it either fully recoups within 2 months or trades sideways within that zone for a while.
If the monthly support fails a bigger correction will not be unheard of so be extremely cautious if it drops below 23,360 even for a second.
We have a risk of only 173 points with the market currently at 23,533. This is less than a 1% risk! Upside potential is 13% in 2 months. That's a 13:1 upside ratio! The choice as always is yours.
Let me know what you think.
ملاحظة
The market is still bearish but the bulls may be testing a key short-term resistance area of 24,400 soon. An hourly close above this level should indicate a true changing of tides.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.