DJIA Weekly at resistance possible decline ahead
DJIA weekly not as strong as Nasdaq or s&p and I would not be surprised to see a throw over in this first to take out the stops before a decline
Mainly because the divergence is a type 2 (rising prices but flat indicator) whereas the other markets are clearly type 1 bearish divergence (rising prices but falling indicator highs)
this one is interesting as if it worked there would be a confluence of targets at the same level which include higher timeframe demand level, fibonacci retracement levels and pattern support of an expanding triangle
Will try an short initially and see if this plays out and worth adding to on the way down
Mainly because the divergence is a type 2 (rising prices but flat indicator) whereas the other markets are clearly type 1 bearish divergence (rising prices but falling indicator highs)
this one is interesting as if it worked there would be a confluence of targets at the same level which include higher timeframe demand level, fibonacci retracement levels and pattern support of an expanding triangle
Will try an short initially and see if this plays out and worth adding to on the way down