DOW JONES: Testing the 1D MA50. Rally if it holds.

Dow Jones hit TP1 = 33,650 and is now going for our TP2 = 33,900 as per the trading plan we made last week (chart at the bottom). The 1D time frame finally turned (slightly) bullish (RSI = 51.712, MACD = -40.000, ADX = 28.963) for the first time since May 1st but today's pull back is testing the 1D MA50. If it holds, we expect to reach the 33,900 target that is under the top of the large Channel Down structure.

With the MACD having formed a Bullish Cross, there are high chances of this turning into a medium term rally into a new Channel Up. If R1 breaks (34,275) we will buy the breakout and aim at the top of this potential Channel Up (TP = 35,200).


Prior idea:


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