ellynacci

DJI - Get the Bear back to its burrow to wake the Bull up

Short
FOREXCOM:US30   Dow Jones Industrial Average Index
The price for DJI has been fluctuated between upper and lower parallel upward channel for three months, which could complete a cycle period for profit taking. However, this channel has been broken significantly last week where the Daily price closed below the channel, which could be adding more sellers in anticipation of the breakout. On the selling levels, referring to the Blue Fibonacci Retracement levels, the price initially bounced on level 1.618, retraced and continued the fall, paused on level 2.618, fall further to 3.618 and bounced again. However, another Fibonacci in black, referring to the target buying level, the price has rejected level 1.618 subsequently broke the bearish flag , expected to continue this rally to level 4.618. If this level breaks, I am anticipating greater selling volume to fall further.
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