$DJI broke Head & shoulder & long term trend yesterday

Dow Jones Industrial Average Index (DJ:DJI)

DJ:DJI Dow Jones Industrial Average Index

trendanalysis chartpattern indicator dji sdow udow dia stocks dowjones

DJI broke the head & Shoulder pattern on daily charts. However, the volume was not heavy.

DIA also broke the up trend from the bottom in 2022

SERIOUS DAMAGE has been done the last 30 days.

We can get a bounce here BUT being Friday, not sure.

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The previous MONTHLY BEARISH moving avg crossover on the

DJI happened in June 2008. We all know that year.

The RSI in 2008 showed clear Negative Divergence & it formed a Doji (cross) at the top.

2008 bear > 14k - 7 = 50%
CV bear market > 30k - 18K = 40%
2022 bear market > 36 - 28 = 22%

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Using

DIA as it resembles

DJI pretty decently

IF 2021 was the top, looking more & more likely as:
RSI did not move strongly
2021 showing Negative Divergence
AND the recent rally was SUPER WEAK!
(wanted to see a stronger relative strength)

But rates can now be dropped & they can come and save the day. Very likely scenario in 2024.

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