marketfellow

New Low and Major Downtrend (DIA)

Short
AMEX:DIA   SPDR Dow Jones Industrial Average ETF
- 370 was the top of the 13-year bull market
- The troubling sign appeared when breaking down the neckline 340 after the head-and-shoudler patten
- Failed to retest 340 on August 15 formed a reversal pattern that is the final warning for a big trouble
- Due to a lack of support down below except 267 (weak support), the major downtrend could reset DIA back to 183, its second support
- It means -50% down for DIA and a total wipe-out of all gains since 2020
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.