Dow Jones: 5H Golden Cross points to one last High.
DJI has been trading inside a 1W Ascending Triangle (RSI = 55.808, MACD = 272.600) since June and is now approaching the 1W Resistance. Currently the Golden Cross formation is emerging on the 5H chart and based on the last 3 times that pattern printed, the price made at least one more High.
In January 2019 it made another three Higher Highs, in June again three and in September one. That leads us to expect at least one more High which could be lower than the 1W Resistance as since July each High is slightly lower than the previous on the 1W time frame. As a result our target for this is 27,250. If the index breaks below this week's bottom then the pattern is invalidated and you should be ready to close your position.
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In January 2019 it made another three Higher Highs, in June again three and in September one. That leads us to expect at least one more High which could be lower than the 1W Resistance as since July each High is slightly lower than the previous on the 1W time frame. As a result our target for this is 27,250. If the index breaks below this week's bottom then the pattern is invalidated and you should be ready to close your position.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial