The Dow won't go down just yet ...
I know a lot of people think the Dow is going to go down this week. But I am having a hard time believing that. I know it is declining over the weekend right now as I type this but …
The CCI is quite low already. I use that as opposed to the RSI as I get better buy and sell signals.
The Stoch RSI is below 20 which indicates a possible buy signal.
Lastly, the ADX of the DMI is quite low which indicates the strength of a trend. Although that could reverse quite quickly.
The descending triangle has a target range of July 6th to July 14th. Hypothetically, it could decline before that target range.
I think the DOW will go slightly up/trade sideways for the next few days leading up to July 4th. Then after the long weekend it will start to decline and hit around 21500 where there was support before.
I could be wrong. I have been wrong soooo many times before.
The CCI is quite low already. I use that as opposed to the RSI as I get better buy and sell signals.
The Stoch RSI is below 20 which indicates a possible buy signal.
Lastly, the ADX of the DMI is quite low which indicates the strength of a trend. Although that could reverse quite quickly.
The descending triangle has a target range of July 6th to July 14th. Hypothetically, it could decline before that target range.
I think the DOW will go slightly up/trade sideways for the next few days leading up to July 4th. Then after the long weekend it will start to decline and hit around 21500 where there was support before.
I could be wrong. I have been wrong soooo many times before.
Comment:
Actually, looking at the chart once again, I do not think the DOW will fall until that far. I think it will hit around 23,000.