Hi during my analysis of DJI I have seen multiple indicators to lead me to my conclusion that the market will continue in a downward direction. First off is there was a trading gap at the 15k level that has never been addressed and will eventually be filled. There is never a time frame but taking into consideration that the market is making bearish moves downward this would make most sense to happen in the near future. Also there was significant bearish divergence leading up to the crash which in turn means that it had a long period of time to build up and now we are going to experience the aftermath. Currently we have bounced right on the .5 Fibonacci line but I believe this to be temporary because no market can reverse vertically, and has never in history. Even in the 08 market crash there was a reversal pattern known as a inverse H&S which played out amazingly but in our current situation I can see no reversal patterns present. I believe that the market will continue to go down to the 15340 level and maybe form sometime of reversal there, but if not then 12035 level is more like the outlook. This is the .382 Fib and .236 Fib respectively. The longest running bull-market in history looks to have ended and the corresponding bear-market looks to have entered.
Thank you all for your time and good luck on your trades!!!!
-Robbby
Thank you all for your time and good luck on your trades!!!!
-Robbby
Trade closed: stop reached