DOW JONES touched the 1D MA50. Time to rebound?

Dow Jones is trading within a wide Channel Up on the 1D time-frame since the November U.S. elections break-out. Applying the Fibonacci Channel levels really gives this a better perspective.

Yesterday the price hit the 1D MA50 (blue trend-line). As you see every contact within the 1D MA50 since January has been a buy opportunity. So far even when the 1D MA50 breaks slightly, the price never goes below the Ichimoku Cloud. Yesterday we had a hit both on the 1D MA50 and the Ichimoku. I believe that should be enough to initiate a rebound within the current phase of the Channel Up.

The question is, will that be like the March 04 rebound which broke above that Channel and took the index to the higher Fibonacci levels? What do you think?



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