Potential Reversals for Dow Jones
Red lines indicate extremes. POI is the area for searching a potential entry point for a swing short which is the start of a deep pullback, or a mitigation with a small pullback. In both scenarios, it is worth taking a risk for a swing trade.
Note
Dow Jones made a new high, but I doubt this could lead to a strong uptrend since there is a huge inconsistency with the Monthly RSI and some of the other oscillators. Also, when the price came to the POI area indicated on the chart, as it crossed through, I couldn't find an entry. For this reason, I will be looking for an LTF weakness and then looking for entry to get big short.
Note
This short/midterm reversal area did not work and the price made a new high. The new high, for me, does not give a sign of a bullish action. Indeed, If the price reversed from the indicated area, and if it made a new high, then I could be bullish. For now, I closely watch the price and expect a bigger pullback or a starting phase of good bear times.
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