I am forecasting that DJ30 would fall to the daily 100 SMA this upcoming week due to many indications, most important of which is Fibonacci, which is the subject of this idea. Other indicators will be shown in Part 2.
Below, I am breaking down the messy chart:
Fibonacci Retracement: For clarity, here I am using a simple Fibonacci cone without extensions....
Hi traders, DJIA opened the day lower, together with other major global indices after a strong sell-off in the stock market. The only index that traded higher today was the Hang Seng, but it also gave back some gains ahead of the closing bell in Asia.
Now, DJIA is trading near a well-defined channel support and the 61.8% Fib level, which could provide some...
Watch carefully all this chart of mine you will see that the stock market has been in a huge price drop,
all major indexes ( DJ30 , SPX500 , NASDAQ100 ) have the same direction, make your decision my friend , I left this market today .
We got a nice pop up which is standing on not so reliable grounds. Expecting drop back to 30900ish in later Ny session. London will close soon at a bit higer as it is at this moment. More consolidation between 31150 and 31200 before drop.
A rising wedge is formed when price consolidates between upward sloping support and resistance lines.
This indicates that higher lows are being formed faster than higher highs. This leads to a wedge-like formation, which is exactly where the chart pattern gets its name from!
With prices consolidating, we know that a big splash is coming, so we can...