A possible Dow Jones Index crash Is Here To Stay. Here's Why
Here is my detailed technical analysis:
1.) On the H4 chart, the price is bearish in a downtrend. To add confluence to this, the price is below the Ichimoku cloud, which indicates a bear market.
1.) On the H4 chart, the price is bearish in a downtrend. To add confluence to this, the price is below the Ichimoku cloud, which indicates a bear market.
2.) Price has broken through a major resistance area at 29653.29 which is also the location where the 100% Fibonacci Projection line and previous swing low lie.
3.) I am looking for the price to do a retracement back up towards the 23.6% Fibonacci retracement line for a sell entry at 30047.79.
5.) To add to the confluence of this 23.6% Fibonacci line area, there is a market gap close between 30047.79 and 29955.65 which looks nice to be filled. This area of interest is highlighted on the chart with the extended blue box.
6.) Stop loss will be at 30836.99 where the 50% Fibonacci line lies to give some space on the charts.
7.) Take profit will be at 28455.72 where the 127.2% Fibonacci extension and 100% Fibonacci projection line intersect.
Does anyone have a similar bearish view on DJI?
Trade Entry recommendation:
Sell Entry: 30464.92
Take Profit: 28458.52
Stop Loss: 31278.04
Other tickers to recommend:
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