DJI broke the head & Shoulder pattern on daily charts. However, the volume was not heavy.
DIA also broke the up trend from the bottom in 2022SERIOUS DAMAGE has been done the last 30 days.
We can get a bounce here BUT being Friday, not sure.
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The previous MONTHLY BEARISH moving avg crossover on the
DJI happened in June 2008. We all know that year.The RSI in 2008 showed clear Negative Divergence & it formed a Doji (cross) at the top.
2008 bear > 14k - 7 = 50%
CV bear market > 30k - 18K = 40%
2022 bear market > 36 - 28 = 22%
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Using
DIA as it resembles DJI pretty decentlyIF 2021 was the top, looking more & more likely as:
RSI did not move strongly
2021 showing Negative Divergence
AND the recent rally was SUPER WEAK!
(wanted to see a stronger relative strength)
But rates can now be dropped & they can come and save the day. Very likely scenario in 2024.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.