Can DJI make 20,000 before the Fed?
Hello, I am new so please provide constructive feedback and tell me where I am thinking too hastily.
I believe that the bulls will be audacious and try for 20,000, but we are already seeing a little bit of tremors of volatility. I also believe the bear raid on
LVS
was a political and very deliberately timed surprise. I believe the extreme greed in the market right now makes it a clear target for the bears. The charts already looked arrogant 3 weeks ago, now they just look crazy.
I still think the market might try to reach up and grab 20,000, but I also think that the momentum shift will slow it down and stop it just short of 19,900. After that I am guessing that the chart will follow the tell-tale oscillations with negative RSI divergence before a pullback just after the new year.
But, I am still long-term bullish on DJI, and I think it will respect the current 200-day MA which is currently perfectly positioned at the main support around 18,100. If the price does not fall all the way to the main support, I think it will bounce off the lower bollinger band somewhere around the minor support at 18,400, then continue to the main support. DJI is idiosyncratic in its tendency to test minor resistances before pivoting upwards, this guess showing in mid-Feb/early-March 2017.
Good luck!
I believe that the bulls will be audacious and try for 20,000, but we are already seeing a little bit of tremors of volatility. I also believe the bear raid on
LVS
was a political and very deliberately timed surprise. I believe the extreme greed in the market right now makes it a clear target for the bears. The charts already looked arrogant 3 weeks ago, now they just look crazy. I still think the market might try to reach up and grab 20,000, but I also think that the momentum shift will slow it down and stop it just short of 19,900. After that I am guessing that the chart will follow the tell-tale oscillations with negative RSI divergence before a pullback just after the new year.
But, I am still long-term bullish on DJI, and I think it will respect the current 200-day MA which is currently perfectly positioned at the main support around 18,100. If the price does not fall all the way to the main support, I think it will bounce off the lower bollinger band somewhere around the minor support at 18,400, then continue to the main support. DJI is idiosyncratic in its tendency to test minor resistances before pivoting upwards, this guess showing in mid-Feb/early-March 2017.
Good luck!
Comment:
www.tradingview.com/chart/twkNIlkD/