Dow Jones is neutral on its 1D technical outlook (RSI = 48.157, MACD = -244.290, ADX = 38.724) as it is attempting to recover the 2 month correction. It appears that the bottom has already been made as not only did the price rebound on the LL trendline but it did so on an oversold 1D RSI. This draws comparisons to the last big such correction of Aug-Oct 2023, which also declined by more than -9.40%. They key there was the formation of a 4H Golden Cross.
Right now the price is stuck inside the 4H MA50 - 4H MA200 range, so if it crosses now over the 4H MA200, it will most likely confirm the start of the new bullish wave as it will form a 4H Golden Cross. Technically it can achieve a similar price rally as then, so our thesis remains bullish aiming at the 2.0 Fibonacci extension (TP = 50,000).
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Right now the price is stuck inside the 4H MA50 - 4H MA200 range, so if it crosses now over the 4H MA200, it will most likely confirm the start of the new bullish wave as it will form a 4H Golden Cross. Technically it can achieve a similar price rally as then, so our thesis remains bullish aiming at the 2.0 Fibonacci extension (TP = 50,000).
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## Comments and likes are greatly appreciated. ##
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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.