Dow Jones (DJI) has been trading within a nearly 8-month Channel Up and is close to its All Time High (ATH) after rebounding last week on its 4H MA100 (green trend-line).
This pattern is cyclical and every time the latter support broke after a medium-term rally from its 1D MA50 (blue trend-line), the index got rejected on a Higher Highs trend-line and corrected back to the 1D MA50. Even the 1D MACD is printing a sequence similar to June - July.
As a result, we expect the new year to find Dow on its 1.382 Fibonacci extension at 47400 at least, which is the Fib level that every such correction pulled back to.
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This pattern is cyclical and every time the latter support broke after a medium-term rally from its 1D MA50 (blue trend-line), the index got rejected on a Higher Highs trend-line and corrected back to the 1D MA50. Even the 1D MACD is printing a sequence similar to June - July.
As a result, we expect the new year to find Dow on its 1.382 Fibonacci extension at 47400 at least, which is the Fib level that every such correction pulled back to.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔥Automate my TradingView strategies with OneBullEx 🤖 Professional crypto bots • Risk-managed • No emotions 👉 Trade smarter on OneBullEx using my link: rebrand.ly/7b3792
For my Account Management & Signal services👉 rebrand.ly/azr2wfo
For my Account Management & Signal services👉 rebrand.ly/azr2wfo
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.