Dow has reached the 50% fibo. on the daily, also a big resistance zone now. Think we are at a Key point now. Either the bearish weekly candle from week ago is real, so we continue down and THE high is set. For that, think a max of around 24250ish. If this week closes below 23300ish, think an H&S is formed and we drop even more next week.
But think if we get above the 24300ish, this will probably be like the pre crash period, that despite everything, the stock market simply doesn't care about the fundamentals and it just keeps on moving slowly up again, with "buy the dip" being the key word.
Well, all i can say is, "but the dip" is NOT for me.
Few updates i posted in my channel past 2 hours (actually when i started to write this here above).
It's holding for quite some time now at the highs, so this doesn't feel as a possible high for the Dow. Only a fast drop below 24000ish could still mean it's in play, otherwise we could see this slow price action, which usually means bulls are in control. Similar to yesterday, where it moved between 23550/400 for most of the day and eventually it pumped. So a break of 24000ish is a must now to become bearish
Dow is loosing momentum a bit again. Potential again. Channel on the right looks real (this chart is delayed by the way). It broke already, so if we see a retest now but stay below the channel, it could become something.
On the left, showing a possible H&S. Key zone is that green level there. A big fast break of that could mean the high is set again and what i mentioned in the previous update is in play again. So far though, price action is slow as F, which usually means bulls are in favor.
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Previous analysis:
But think if we get above the 24300ish, this will probably be like the pre crash period, that despite everything, the stock market simply doesn't care about the fundamentals and it just keeps on moving slowly up again, with "buy the dip" being the key word.
Well, all i can say is, "but the dip" is NOT for me.
Few updates i posted in my channel past 2 hours (actually when i started to write this here above).
It's holding for quite some time now at the highs, so this doesn't feel as a possible high for the Dow. Only a fast drop below 24000ish could still mean it's in play, otherwise we could see this slow price action, which usually means bulls are in control. Similar to yesterday, where it moved between 23550/400 for most of the day and eventually it pumped. So a break of 24000ish is a must now to become bearish
Dow is loosing momentum a bit again. Potential again. Channel on the right looks real (this chart is delayed by the way). It broke already, so if we see a retest now but stay below the channel, it could become something.
On the left, showing a possible H&S. Key zone is that green level there. A big fast break of that could mean the high is set again and what i mentioned in the previous update is in play again. So far though, price action is slow as F, which usually means bulls are in favor.
Don't forget to like if you appreciate this :)
Previous analysis:
تعليق:
Starting to look the market won't make a real move until tomorrow, some macro numbers coming out. So think patience is needed here
تعليق:
Update on Dow
