octradr
Long

DOW within 1% of MAJOR Support

DJCFD:DJI   Dow Jones Industrial Average Index
The DOW has come down a lot these past weeks but it still hasn't come down to devastating levels yet.

I published my daily chart for the DOW on March 14 which stated that when the triangle was breached a big move was imminent. Well the BIG move happened and now we have to capitalize on what we now have.

What we have:

What we now have is a market that has had about an 11% correction in 2 months which is notable but relatively common.
More importantly we have a market that has a major monthly support about to be tested.

What to do?
If you look at the monthly DOW chart, the monthly support typically holds and it either fully recoups within 2 months or trades sideways within that zone for a while.

If the monthly support fails a bigger correction will not be unheard of so be extremely cautious if it drops below 23,360 even for a second.
We have a risk of only 173 points with the market currently at 23,533. This is less than a 1% risk! Upside potential is 13% in 2 months. That's a 13:1 upside ratio! The choice as always is yours.

Let me know what you think.
Mar 29
Comment: The market is still bearish but the bulls may be testing a key short-term resistance area of 24,400 soon. An hourly close above this level should indicate a true changing of tides.
It has been a very volatile day so far but this may present a good buying opportunity to get in close to the major support. It is currently about 2.5% away from it. 15:12
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We had no chance with the market opening substantially higher. The risk reward is no longer attractive.
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