Dow Jones: Fakeout to new records is bearish
The DJIA formed a weekly reversal pattern after breaking to a new record high
The trend is most likely to continue higher BUT bearish positioning on a rebound has a good potential R:R / better chance of success near major resistance
Scenario A) Dow rebounds to previous record high level and turns lower for larger correction toward 25400
Scenario B) fakeout was temporary weakness and Dow moves on to new records
The trend is most likely to continue higher BUT bearish positioning on a rebound has a good potential R:R / better chance of success near major resistance
Scenario A) Dow rebounds to previous record high level and turns lower for larger correction toward 25400
Scenario B) fakeout was temporary weakness and Dow moves on to new records
Comment:
Well that was quick... hit 25600 in 3 days - expecting volatile continuation lower
