DOW JONES correction to extend until the Fed.
Dow Jones (DJI) did what we expected of it 3 weeks ago (August 13, see chart below) and after pricing a Higher Low at the bottom of the 5-month Channel Up, it rebounded and reached the All Time High (ATH), pricing a Higher High:
In continuation of that analysis, we now expect the new Bearish Leg to extend to possibly as low as the 0.618 Fibonacci retracement level, which was the case with the May 30 pull-back.
The 1D RSI suggests that a 35.00 value would be ideal to signal a buy (same as May 30, see how both RSI fractals priced the top on the 70.00 overbought limit), while a Bullish Cross on the 1D MACD would be the final confirmation of the buy.
Our long-term Target remains 42400 (+11.00% from the Higher Low, the same % rise as the July 18 High).
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In continuation of that analysis, we now expect the new Bearish Leg to extend to possibly as low as the 0.618 Fibonacci retracement level, which was the case with the May 30 pull-back.
The 1D RSI suggests that a 35.00 value would be ideal to signal a buy (same as May 30, see how both RSI fractals priced the top on the 70.00 overbought limit), while a Bullish Cross on the 1D MACD would be the final confirmation of the buy.
Our long-term Target remains 42400 (+11.00% from the Higher Low, the same % rise as the July 18 High).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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