Dow futures idea for short and medium term
On a daily chart, DOW has closed below 200 MA which calls for a bearish sign. However, there is still some support for the rising wedge.
The trendline has broken very strongly on weekly.
I think we are close to a halfway mark on correction; possibly 4-5% is still left to go. After that, we should see some possible reversal due to the confluence of:
The trendline has broken very strongly on weekly.
I think we are close to a halfway mark on correction; possibly 4-5% is still left to go. After that, we should see some possible reversal due to the confluence of:
- reaching 23.6% on Fibonacci level;
- support at the megaphone pattern;
- the target of the wedge would be met; and
- most of the big tech stock would also be at support.
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