DaddySawbucks
Short

DJI REACTION RALLY ATTEMPT ONGOING; FACING STRONG RESISTANCE

DJCFD:DJI   Dow Jones Industrial Average Index
FIERCE SELLING INTO EVERY RALLY BUT FRIDAY'S RUNUP AT LEAST LEFT A LITTLE GREEN ON THE TABLE

THE REACTION TO RISING WEDGE BO DOWN IS ONGOING, INDEX RESPECTED PRICE TRENDLINE THURSDAY ~24K

EXPECT ANOTHER RALLY ATTEMPT ON 7/02. DON'T EXPECT IT TO GET MUCH ABOVE 24460, THE WEDGE MIDPOINT.

TRADED RIGHT AT MIDPOINT ALL FRIDAY BEFORE DAYTRADER SELLOFF, WHICH WE SEE DAILY IN LAST FIVE MINUTES BEFORE THE BELL NOW.

IT'S A BEAR FOLKS. AFTER A BRIEF STRUGGLE HIGHER EXPECT SHARP TURN DOWN AGAIN. EARNINGS SEASON MAY STAVE OFF THE WORST... MAYBE.
Trade active: It''s a rally in reaction to BO down from rising wedge, will likely Fibo up .618 of wedge height (23531 + 1155) >> 24686 to retest wedge base, then throwover. Really dooubtful whether it can climb much higher, but if Fibo 0.76 is achievable, the rally will end at around 24952. Steep decline after the reaction going into August.
Comment: BTW we've seen .50 Fibo already at 24466 twice last week... expect a third rally attempt, if it fails to get above 24460 then it's in real trouble.

Fibo .618 reaction is still quite possible, IMHO.

Fibo .76 would form a symmetric head & shoulders, making the right shoulder... O!
Trade active: BTW; for education purposes, have a look at the Inverted Hammer wiki after Friday's price action (Ow! Held steady on all day then I went to grab a bite and half an hour later was off 200 from the rally, FFS. 6/28 candle likely a buy signal:

http://www.onlinetradingconcepts.com/Tec...

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