Dow Jones: Channel Up turned into a Triangle. Long

Dow Jones Industrial Average IndexDJ

Description

⋅ Oct 4, 2019 6:20 PM

Dow Jones is extending the rebound on the Higher Low made yesterday on the 1W Channel Up (RSI = 51.067, MACD = 249.310, Highs/Lows = 0.0000) after the Nonfarm Payrolls missed the forecast today. This fundamentally bullish for the stock index (Fed and rate cut outlook).

Technically the 1W Channel Up failed to make a Higher High last month so the medium term overlay can turn into a Triangle. Thus we revise our target on a Lower High at 27,200.

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Comments and likes are greatly appreciated.

Comments

ReallyMe

⋅ Oct 4, 2019 6:23 PM

What "Channel Up" is this talking about? It's just an illusion. There has never been any.

InvestingScope

⋅ Oct 4, 2019 6:39 PM

@ReallyMe, We think it is visible on the chart. We also explain how the formation may transcend into a Triangle.

ReallyMe

⋅ Oct 4, 2019 7:15 PM

@InvestingScope, Thank you

VelvetHammersTrading

⋅ Oct 5, 2019 3:45 PM

been watching the channel myself, got so distracted with nice bearish move, I hadn't picked up on the triangle yet. thanks for this analysis.

iTzRaDiaNT

⋅ Oct 4, 2019 10:37 PM

love the bars and how much approx. Love it