Dow Bull Trap Move

On the left (and chart below), there is a chance we have a similar situation as a week or 2 ago. Broke up from a flag/triangle but was failing to push through. At the moment it looks as is we have a similar situation now. It's not there yet though, could still push through upwards. So it need's some confirmation first, as i have drawn in the chart below. So if we see that red zone break, chances will in crease we have a similar situation.

But be aware, (US) stock market is the same as Bitcoin past weeks, when too many short it, it simply goes up. So this pattern is just for a correction. When looking at the big bearish wedge, it is still in play, this could still be a big retest, but it went up a bit too much already, the max should have been 23800 as i updated a few times in my public channel last week. So breaking 23800ish is a sign in favor of the bulls.

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Previous analysis:

Comment:

Wow, these markets are just the same as before the pandemic. Each bearish setup becomes a trap and market just crawls upwards. The setup looked really great, but unfortunately it never broke that red zone. Which maybe was a sign on itself. There were a few fun weeks where TA worked very great again as 10/20 years ago. But now volatility had dropped again and because of that making TA quite useless again. There is one rule though, i noticed past 2 years with the stock market. Each time when an important level breaks, each time it makes like a bear flag, but then in all scenario's, taking too long to follow through, it simply goes up. Just look back at the chart from past weeks and even from before the crash, you will see countless moments that this is the case.

Comment:

A good example of this what i mentioned in a previous Dow analysis. About the 23100 support. Update from 16th April, where i say that if it breaks and drops, needs to dump, otherwise it could simply be turned up again.

Comment:

Before i forget, if you want to know what the next step is, i would flip a coin :). Honestly don't know. That curved shape could be something. At the moment in the Dow futures chart there is a potential double top. It could also easily go above 25k to stop hunt all the bears in the market.

Comment:

Had that trend line yesterday, but wasn't sure of it, then after this morning breaking it on both sides, i assumed it was meaningless. But now, it does seem to be real. Several points of meaning it seems. Broke that small bull flag at the high, so if we see a move below the 24400/450 coming hour or so to form a lower high, it could mean that the trend line might break and we make a bigger drop.