Dow Jones Weekly Bull Flag PatternThere is a lot to take in on this chart. How do I start to explain what it is that I am seeing?
The dark green line is the monthly major movement and the black path line is the 4 hour movement in between that major movements.
Price is being contained inside of a MAJOR bull flag pattern that will take MONTHS to resolve itself.
Using the concept of thirds of that major move from November 2023, I firmly believe price will return to the halfway point, which is also the top of the peak of that July-October pullback from 2023.
The ramped volume that is sitting just above the 0.66 or bottom 1/3 is a dead giveaway that price will return and take that out.
The small range created just slightly above the 0.50 mark is also a dead giveaway that that price will be taken, along with the fact that the purple box Low that broke structure is suspended above the 0.50 line as well. These are all clues that price WILL be returning to these locations.
Finally, the space between those recent double top highs and the 1 full range expansion of the July-October pullback is a dead giveaway that price will return to those highs and take them. This will mean that the high will break and more All-time highs will be made to continue the bullish trend up until 2033.
On a zoomed-out view of the bull flag, a measured move of the November run will take price up to the 44,000 area
Of course I am not a genie that can predict prices, I am merely trying to follow the bull trend higher and to me, this is what I am seeing. Please comment below on your thoughts as I am highly interested in sharing feedback. I have no problem putting my ego aside and admitting I am wrong. This is one trait I do not have issues with as I am wrong quite often with a 40% win rate.
