Dowjones
DOW JONES Channel Up Double Bottom. Solid buy entry either way.Dow Jones (DJI) is rising following a vastly oversold 1D RSI reading (reached even 23.60) at the bottom of the (blue) Channel Up. Based on the RSI pattern itself, we can draw comparisons with the December 2022 - March 2023 correction. According to that the 1D RSI has one more Low to make before it bottoms and that bottom will be leg (e). This will justify the emergence of a diverging Channel Up (dotted), where leg (e) will be its Higher Low while also completing a symmetrical -9.30% decline from the top.
Still, the price has dipped well below the 1D MA200 (orange trend-line), which was March's bottom formation, thus either entry is equally probable. As a result it is best to buy on both levels so that a low risk indeed opportunity won't be missed. Our target is 35000, which is the 0.786 Fibonacci retracement level as well as Resistance 1.
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DOW Elliott Wave Analysis for Friday 06/10/2023The primary expectation is now that wave ((b)) is finished and that we are doing wave ((c)). It looks like we are working on the fifth wave of wave ((c)). We are in the areas from where we can expect a reversal. If the reversal is not coming, we will focus on the secondary scenario.
Buyback Patterns: GSAs the #3 most heavily weighted stock for the TVC:DJI , NYSE:GS was one of the drivers behind the run down this week.
In February, a buyback program of 30 billion was approved. Buybacks probably commenced in March and have been boosting the price up within the trading range until recently. It may be that the buyback money has been depleted.
Goldman Sachs reports Oct 17. Revenues declined last quarter. Earnings are up and down. So probably not a great earnings report for Q3. However, the stock has support at the black line, so it doesn't have huge downside potential.
WTI to 85$ by the end of the weekWTI oil is going to test 85 level.
Probably it will back to downtrend after testing this level. But we should wait after testing for 1-2 days then we can determine the price movements.
DOW Elliott Wave Analysis for Thursday 05/10/2023The primary expectation is now that wave ((b)) is finished and that we are doing wave ((c)). It looks like we are working on the fifth wave of wave ((c)). We are in the areas from where we can expect a reversal. If the reversal is not coming, we will focus on the secondary scenario.
Too much supportWe could the return of the DOW. Price is just landing on a strong support zone. Next week we could see a big, fat green candle (engulfing) and heading higher from there. I may buy a few calls on Friday, I want to see if the support holds. BTW I pulled up a 2 weeks chart for better visualization but it reads the same in a weekly chart.
Dow Jones - Broken Support Level 📉Hi Traders!
The US30 Price Broke a Strong Daily Support Level (33609.0 - 33815.0)
Currently, This Support Level Becomes a New Resistance Level.
The Support Line is Broken.
So, I Expect a Bearish Move📉
i'm waiting for retest...
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TARGET: 32880.0🎯
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DOW Elliott Wave Analysis for Wednesday 04/10/2023The primary expectation is now that wave ((b)) is finished and that we are doing wave ((c)). It looks like we are working on the fifth wave of wave ((c)). We are in the areas from where we can expect a reversal. If the reversal is not coming, we will focus on the secondary scenario.
UPDATE: Dow hit target 1 - heading to target 2 at 32622The dow broke below the Symmetrical Triangle and it was beautiful text book style.
We set the first target at the bottom of the pattern at 33,607.
Now that the momentum is still negative, we can expect it to head to the next target at 32,622.
The signs are all bearish and this is one of those hold and adjust stop loss if need be.
Dowjones Potential DownsidesHey Traders, in today's trading session we are monitoring US30 for a selling opportunity around 33700 zone, US30 is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 33700 support and resistance area.
Trade safe, Joe.
US30 ANALYSISOverall we are still bearish , will be looking for sell set ups , Market is currently in its pull back phase . well be patient enough to wait for this set up to play out , short term buys can be taken (risky as you are going against the trend ) . Will be looking to target 33000 ( DEMAND ORDER BLOCK ) .
DOW Elliott Wave Analysis for Tuesday 03/10/2023The primary expectation is now that wave ((b)) is finished and that we are doing wave ((c)). It looks like we are working on the fifth wave of wave ((c)).
DOW JONES TRADE IDEADow Jones began the trading week with strong consolidations ranging from buy candles to sell candles. We have NFP on Friday so we should expect high volatility at any point in time this week and trade with strong risk management. Dow Jones closed Lower yesterday with bearish candles. We should see strong retracement to the upside after a retest to the downside.
Dow JonesDJI Chart
Checking some TA, which I should have done more thoroughly on SPY, I would have seen the obvious TA screaming we go higher.
Both the SPY and DJI technicals are stating we go higher. RSI, MACD, MFI, and 50MA are pointing to higher moves in the market. In fact, taking a look at the 10YR is another confirmation of where we're heading.
