DJIA: Harmonics, possible new pattern but beware for a breakout
Harmonics have been playing out well in this triangle structure.
Possible new pattern completed today, targets on chart. We had some very nice flags to short in this last leg also...
Beware for breakout to lowerside though, if it breaks out of the structure and takes out the low we could get a very strong impulse to the downside.
I'm staying out of longs because of this but for anyone who has a different view or trading style this might be a good short-term long opportunity.
Possible new pattern completed today, targets on chart. We had some very nice flags to short in this last leg also...
Beware for breakout to lowerside though, if it breaks out of the structure and takes out the low we could get a very strong impulse to the downside.
I'm staying out of longs because of this but for anyone who has a different view or trading style this might be a good short-term long opportunity.
Note
Looks like this is going further down, this could turn into a very large move lower:Note
Adjusted the trendline to exactly the last low after the top:
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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.