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Mihai_Iacob
Dec 14, 2021 6:05 AM

Dow30- Could yesterday's bearish engulfing announce a drop? Short

Description

From the beginning of 2021, Dow Index has risen around 20% from the bottom to the top, which is phenomenal.
However, looking closely at price development, since 10 May (yellow line) the rise counts only 5%, and since mid-August's top( green line), ONLY 3%.
This for me is a clear indication that the bulls are very tired and in need of a correction.
After the recent ATH, Dow dropped hard and has started to recover at the beginning of December.
Yesterday's strong bearish engulfing can be the signal for the bears and price can drop again to recent bottom, now support.
A new ATH would negate this scenario

Comments
kimstandgraph
Well done mate
graphbullS
Nicely done
Astro_fxd
Good prediction
DeGRAM
Maybe) Thank you for you idea!
Mihai_Iacob
@DeGRAM, thanks for comm
Helical_Trades
Nice one dear !
Thank you
Mihai_Iacob
@Helical_Trades, thanks for comm
ChartProphet
I am thinking similarly
Mihai_Iacob
@ChartProphet, thanks for sharing your chart
Lingrid
I agree my friend
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