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Thinking a big bear flag. We need to get to DOW 18,200 to 18,300 range.
We can see lot of pull back retracement after BREXIT Blues. Similarly DOW will see lot of structures to be added with some retracement on chart. let say around 17700 pullback and tank from there towards 16000 and 15500
Possible resistance area on doggie Dow
Still positive but yesterday's candle needs attention
If flag breaks upwards, chances are to break May'15 highs
Declining profits environment. Credit northmantrader
Ratio Spread towards it's highest reading, possible cycle low
Broken down trendline and EW
Broken downward resistance & EW count.
If you see a triangle break out you are bullish
Some really old TL's coming even from 1929-34 crisis
Weekly tweezer top and also rejected/ closed under long term trend lines indicating a false breakout
RSI barely made it above 60 as per the last retest so this market is still bearish/ corrective till the tweezer high is broken
Selling tomorrow, still think we are in a major corrective phase that has not finished and expect it to get down to 16588 at a minimum ...
Scenario 2... Possible Double or Triple 3
Big Picture View = In secular bear market
Possible scenario if the current secular bear market carries on rallying from here...
Comparison of the current market vs. Quarterly chart from 1917-1929
Could rally up to 20,000 hit some major resistance, then correct lower into a wave 4, and eventually go up to 23,000 then fall 75-83% causing the next depression for the next 10-15 years afterwards
Possibly the ...
This Daily chart is to complement the Weekly chart that I posted about the DOW
The DOW has had a great run up over several weeks. But I think we are going to start seeing some weakness and get a bit of a drop.