DIA testing todays high. break that and 252.31 next target. Break that and open until 259.5 Break down and lower trendline in play.
Comment:
Pushed on through then strong into the close,,closed above 252.31 to 252.48. (254.34 was pattern target) Big mental barrier just crossed. A test of the wick high 252.79 (3 day resistance zone in early Jan.) but should not be too strong of resistance. Then wide open to next resistance zone of 257.33 to 259.3
Comment:
254.11 high of move. Pattern target was 254.34 as stated above. close enough. It appears to want to break down through support. If break down occurs expect back first drop to 250.30-250.50 range and then back test of prior support and if failure of that lower channel in play.
Comment:
**See comment above
Followed exactly as Feb 16 comment suggested. Low of 251.41, backtested breakdown now continued breakdown. Next support 247.90-247.45
Break back above 251.72 and should resume bullish trend but momentum for now is down and one should look for pivot points/support for reversals,.
247
245
244
241
236
Near those pivot points, .
Followed exactly as Feb 16 comment suggested. Low of 251.41, backtested breakdown now continued breakdown. Next support 247.90-247.45
Break back above 251.72 and should resume bullish trend but momentum for now is down and one should look for pivot points/support for reversals,.
247
245
244
241
236
Near those pivot points, .
Comment:
Bounced off lower rising trendline, breaking out of shorter term correction channel but only to Gap fill and reverse. Closed right at 1rst support mentioned above. " backtested breakdown now continued breakdown. Next support 247.90-247.45 "
The last few strong bearish candles into close hints that selling will continue. Possible bounce or backtest first but those are solid bearish candle
Note how it Fell right to top of correction channel established earlier. (see picture above) This is why I use channel in most all my trading style. They are like magnets for price. The tough part is knowing where to establish them. Thats where most people fail.
A close back inside the channel should lead price to slide down the channel to 244-245 support.
The last few strong bearish candles into close hints that selling will continue. Possible bounce or backtest first but those are solid bearish candle
Note how it Fell right to top of correction channel established earlier. (see picture above) This is why I use channel in most all my trading style. They are like magnets for price. The tough part is knowing where to establish them. Thats where most people fail.
A close back inside the channel should lead price to slide down the channel to 244-245 support.