my prediction of DJIA movement based on MACD movement. By 2nd week of July, support zone will moved from current 20800 region to 21000 and above. By August it will reach the current base that is being formed here. Even with a toppish market the tendency is still towards the upside as the market is and will not be easily convinced that it is a peak. Trade with care and enjoy the volatility.
Comment:
As per the chart above daily MACD has already produced a gold cross. Now is the time to wait for it cross down. Waiting for the cross to happen on daily chart would probably be too late. Actively monitor hourly and 4 hourly charts with execution on 15min. I think the initial pull back will be furious followed by a slow grind till end of August early September. The index is not far off from 21730 to trigger another MACD gold cross on weekly chart. If the market is unwilling to give this small little nudge higher, better be careful. Trade with care and enjoy the volatility.
