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
We had no chance with the market opening substantially higher. The risk reward is no longer attractive.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out