Dec 26th was amazing. Complete range of 1166 points before final close setting a single day record.
It was to far to fast. Why did it happen? Because the DJI is to the negative, outside of the S/R range that was established in the beginning of 2018.
For price projection calculations, this can prove catastrophic with results being as low 14250 range.
The DJI is attempting to return to above 24122 with anything above 23360 being positive in it's opinion.
Anything above 23360 will then turn the S/R range from 26616 - 23360 into a range of 26616 - 21712.
December 27th should trade between the H/L of yesterday (the 26th) with a a close lower. This will readjust Friday Dec 28th for strong positive day. Pushing the DJI back into range it needs to be in to close the month out.
As of right now, price projection is giving the DJI 720 points to the positive with a range median of 23599.
It was to far to fast. Why did it happen? Because the DJI is to the negative, outside of the S/R range that was established in the beginning of 2018.
For price projection calculations, this can prove catastrophic with results being as low 14250 range.
The DJI is attempting to return to above 24122 with anything above 23360 being positive in it's opinion.
Anything above 23360 will then turn the S/R range from 26616 - 23360 into a range of 26616 - 21712.
December 27th should trade between the H/L of yesterday (the 26th) with a a close lower. This will readjust Friday Dec 28th for strong positive day. Pushing the DJI back into range it needs to be in to close the month out.
As of right now, price projection is giving the DJI 720 points to the positive with a range median of 23599.
Note
With the late hour break out of activity. It extended yesterdays movement to generate a soft trigger for a price projection.This projection is looking for 909 points from todays close to end at ~24048.12
With the average range of 555 points a day. If Friday and Mondays half day are average days. We shall make this in time for the new year.
This will then give 2019 a S/R range of 26616 - 21712 and all calculations are halved due to being in consolidation.
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.
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.