Dow Jones Near Touch Demand Line of Ascending Broadening Wedge
Large ascending, broadening wedge structure looks to be respected with today's backtest of the wedge's demand line. This comes after a test of the supply line almost two weeks ago and a nearly 9% draw down in price. Coupled with divergence on the oscillators, the more probable result from strictly looking at this TA would be a short term trend reversal to the upside. Given the overall bearish market conditions it is I wouldn't be surprised to see a partial rise which doesn't result in resetting the supply line at the top of the wedge. Could be a nice place to take a quick long with a stop/loss somewhere below the demand line of the wedge. A possible first target would be around $33280 which was the previous high before dropping into this wedge. There isn't a ton of historical significance but it recently held as resistance for several days.
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