The Dow Jones Industrial Average (DJIA) has given a fresh breakout, rallying above the 35,500 level. The breakout comes after the DJIA has been consolidating in a range for several days. The strong move above 35,000 is a sign of bullish momentum and suggests that the DJIA could continue to rally in the near term. The breakout of the Dow Jones chart is a bullish...
The Dow Jones (DJI) index remains within its 5 month Channel Up pattern that started in mid March and recently hit its top. What the majority of the market is missing is a stronger pattern on the wider 1W time-frame. This long-term chart shows that an Inverse Head and Shoulders (IH&S) pattern priced its Head (bottom) when the Channel Up started and completed the...
Pair : DJI - Dow Jones Description : Completed " 123 " Impulsive Wave Falling Wedge in STF and Rejection from UTL S / R Level Fibonacci Level - 38.20% / 50.00% Divergence - RSI
I have been on Trading View for almost a year now. In that timeframe I have been fortunate enough to have almost 2,600 people who follow my work, shared almost 700 ideas within that community, and founded my website for paying members. Yesterday, we held a training / education Zoom call and dissected the move up off the October low of 3502. The purpose of this...
Trader Sentiment is of the utmost importance as it pertains to price action. The attached is one that will be updated from time to time as my followers can see how the various bullish and bearish sentiment plays into the price action.
I keep watching for indications of trend tiredness, such as an ending diagonal pattern backed by divergence against the RSI, despite the market's persistent ascent. I believe I have located the little wave c that is marked with the numbers 12345 in grey letters. However, I believe that this is not the end and should be followed by wave c of (y) that is larger in...
Dow Jones reached the top of the 4 month Channel Up today just after crossing above Resistance (1). The MA50 (1d) is the first Support of this pattern and has been untouched since July 10th. Trading Plan: 1. Sell on the current market price. Targets: 1. 34450 (expected course of the MA50 1d). Tips: 1. The RSI (1d) is has formed a top pattern, same as April 13th...
Cup and Handle formed, broke out and since then it's been a slow but consistent move up. The only frustrating part with holding a trade like this since March is that there are these daily CFD Swaps which eats into the profits. And when you hold for >2 months, you start to feel it. Anyway, the bias was right and I might need to lower the target in the future so...
Dow Jones (DJI) has been on a bullish leg after it broke above the 1W MA50 (blue trend-line) and turned it into a Support. If we see the bigger picture on this 1W time-frame, we can relate to the 2015 - 2016 fractal, where the current sequence was the final bullish signal before a 1 year expansion phase. Even the 1W RSI patterns are identical and the Arc appears...
Dow Jones crossed over even Resistance 1 (34950) and is getting very close to the top of the Channel Up. Along with the RSI (1d) entering the 70.00 overbought zone, the index is starting to give the first sell signal. Trading Plan: 1. Sell from the current market price to Resistance 2 (35535). Targets: 1. 34150 (potential contact with the MA50 1d). Tips: 1....
A bullish chart pattern has been completed by today's rally. This week's low is my defensive point in long positions.
It's been a while since we looked into Dow Jones (DJI) and made the bottom buy on the Channel Up last Higher Low (chart below): Right now the index is rising after a rebound on a Double Bottom on the 1D MA50 (blue trend-line). The dominant pattern is a Channel Up and the secondary a Diverging Channel Up (dotted lines) that forms a Higher Highs rejection zone...
There are many bullish breakout patterns in the process. On a larger scale there is an Inverse Head and Shoulders. On a smaller scale, there is a Box Formation and a W Formation in the making. We just need the price to break above and out of the formations, to get our confirmation. Other indicators confirm including: 7>21>200 RSI>50 Target 36,426 SMC Sell...
I'll keep this brief. The area on the chart where purple 5 resides best counts as a 3-wave structure. Therefore, in my primary analysis, I am counting this as an irregular b wave that made a slightly higher high and now we should be heading into the 4370 area for our black c wave of 4. I have a purple alternative 5 on the chart because there is a chance of wave...
Dow Jones has had a technical HH rejection at the top of the dotted Channel Up and just as quickly, the price is approaching the 1D MA50, which offered support on the June 26th rebound. The 1D technicals are neutral (RSI = 48.089, MACD = 156.460, ADX = 28.256) indicating that the 1D MA50 is now the pivot level: as long as it holds, expect the price to bounce on it...
As mentioned, DIA is very much bearish based on price action. Price is now at the edge of the BZ and also at a strong support. Watch this level with NDX 15163 and SPX 4433. If market can hold these 3 levels, look for a possible bounce during European session to DJIA 34323 and even 34363 before further downside.
Dow Jones is almost on Resistance (1) at 34530 with the top of the dotted Channel Up just over it at 34700. That is a level where the buy profits from the MA50 (1d) buys should be realized and then wait for a break out or pull back in order to continue buying. Trading Plan: 1. Sell within 34600 - 34700. 2. Buy if the (1d) candle closes over 34700. 3. Buy on the...
Dow Jones turned flat following the rebound on the 1D MA50 three days ago with both the 4H and 1D technicals neutral (RSI = 53.777, MACD = 111.180, ADX = 25.084). As long as the 1D candles closes over the 1D MA50, stay bullish and target the R2 (TP = 34,950). A crossing under the 1D MA50 will most likely target the 1D MA200 and possibly even lower at the bottom of...