DOW JONES Why you don't want to miss this rally.

Dow Jones (DJI) is pulling back on a technical correction as the 1W RSI got overbought (above the 70.00 mark) on the December 26 1W candle. That was basically the first time since June 01 2021 it got overbought and that time also gave a technical pull-back.

What draws our attention more than that time though is the December 19 2016 pull-back when the 1W RSI was again overbought. The difference here is that the price action and patterns that preceded that pull-back/ consolidation are very similar. A Lower Lows bottom on the 1W MA200 (orange trend-line) that took place on a 1W RSI Higher Lows Bullish Divergence, gave way to a break and sustainable rise above the 1W MA50 (blue trend-line). Following the current pull-back/ consolidation we are at, a very strong Channel Up took place.

As a result, even though the sentiment is bearish on the short-term, possibly until the January 31 Fed Meeting, it is clear that the long-term trend is bullish. Every such correction has high probabilities from now on to be a buy opportunity. The target can be as high as 43000 within 2024.

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