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MoonPickle

Dow Jones Industrial Average - D1 TF - More Upside Action

Dow Jones Industrial Average Index (DJ:DJI)  
MoonPickle Updated   
DJ:DJI   Dow Jones Industrial Average Index
Trend Analysis Chart Patterns DJI dowjones DOW Stocks Bullish Patterns
5
2
trendanalysis chartpattern dji dowjones dow stocks bullish
Bullish divergence + MACD flip for fresh upwards momentum. Doesn't appear to be sustainable.

Needs to go over and stay above mid RSI to reinforce bullish move. Rejection at the mid-line is a sign of weakness.
Comment:
Smart Money Index bounce is weak. Downtrend channel established for the possibility of 'slow bleed' before major dip.

In another scenario, $DJI could rally one final time before a larger/longer sell off

snapshot
Comment:
looks like the second scenario is in play

broken downtrend channel = more upside action
Comment:
blood bath.

snapshot
Comment:
small buyers are trying to reverse this market, based on this formation. any movement up will be weak and met with strong resistance

but yes, it can still go higher from here before a major corrective wave
Comment:
as mentioned earlier, a major driver for upside action is for RSI to maintain its upward momentum, above 50+. It did not do that - based on the chart above
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