tradewithmitra

Dow futures idea for short and medium term

CBOT_MINI:YM1!   E-mini Dow Jones ($5) Futures
On a daily chart , DOW has closed below 200 MA which calls for a bearish sign. However, there is still some support for the rising wedge .

The trendline has broken very strongly on weekly.

I think we are close to a halfway mark on correction; possibly 4-5% is still left to go. After that, we should see some possible reversal due to the confluence of:
  • - reaching 23.6% on Fibonacci level;
    - support at the megaphone pattern;
    - the target of the wedge would be met; and
    - most of the big tech stock would also be at support.



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