The DJIA formed a weekly reversal pattern after breaking to a new record high
The trend is most likely to continue higher BUT bearish positioning on a rebound has a good potential R:R / better chance of success near major resistance
Scenario A) Dow rebounds to previous record high level and turns lower for larger correction toward 25400
Scenario B) fakeout was temporary weakness and Dow moves on to new records
The trend is most likely to continue higher BUT bearish positioning on a rebound has a good potential R:R / better chance of success near major resistance
Scenario A) Dow rebounds to previous record high level and turns lower for larger correction toward 25400
Scenario B) fakeout was temporary weakness and Dow moves on to new records
Note
Well that was quick... hit 25600 in 3 days - expecting volatile continuation lower
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Signup to my newsletter:
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Market Analyst for:
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wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
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.