Sawyer170

Bearish continuation triangle

Short
TVC:DJI   Dow Jones Industrial Average Index
RSI has been on a downwards trajectory and well past below 50, confirming bearishness, most likely heading its way to the 30 or below line before changing overall main trend direction. The Dmi/Adx is also signaling a strong bearish trend direction. Compared with the formation of the bearish continuation triangle I am believing that the dow will be substantially lowering more before bottoming out. I'm not sure about finding a lower low and continuing the trend or a slightly higher low which would give more hope towards a sooner recovery. Regardless it should be dropping according to this technical analysis. The red and green lines are support and resistance. The dotted lines for the daily chart and the few solid lines are according to the 1 min chart today.
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.