DOW JONES 4H Golden Cross extending the rally.Dow Jones (DJI) gave us an excellent pre-election buy signal (October 29, see chart below) as it bottomed on the 0.5 Fibonacci retracement level and just below the 1D MA50 (red trend-line), in similar fashion as the September 11 Low, which then rallied to the 1.236 Fib extension:
As you can see, we hit our 44000 Target, which was again the 1.236 Fib ext, but a new bullish possibility emerges. The 4H RSI is about to turn bearish (below 45.00) after being overbought (above 70.00) for 7 days. Last time this happened was on August 22, the fractals are virtually identical. During that time, the price made a Higher Low and continued to peak after a +8.30% rise in total.
After another 0.5 Fib correction, the next Bullish Leg if the 3-month Channel Up was also +8.30%, indicating that there is high symmetry between the Legs of this pattern. Notice also the presence of a 4H Golden Cross both on the current as well as on the August Leg.
As a result, since we still have some distance before completing a +8.30% Bullish Leg increase, we go long again as long as the 4H MA50 (blue trend-line) holds, targeting 45000.
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