On the monthly chart my target will be around 18300
In theory we still can't speak about a bear market on the DJI, yes it was already flirting with it. (Bear market is confirming if it's -20% under the highest point( in this case ATH))
But it's just a matter of a time till that line will break (IMO)
We have a major bearish divergence (black arrows).
IF it breaks that trendline around 30500. The next support trendline will be much much lower.
On that trendline we also can find the 200EMA (depending when but around 20700)
FIB 61.8°(around 18300) the same like the bottom from Corona
If you look at 2008-2009 DJI crossed the 200EMA (see red vertical line), when you make a copy of that and put it under the 200EMA (we get the same target 18300 FIB 61.8°)
2008-2009 was a recession, will we have another one, it's a good possibility.
There are a lot of red flags.
Big inflation influence the economy, the rate hikes to fight the inflation are also influence the economy.
We need a reset of everything, it will not fix itself.
This bubble must pop
Time will tell
In theory we still can't speak about a bear market on the DJI, yes it was already flirting with it. (Bear market is confirming if it's -20% under the highest point( in this case ATH))
But it's just a matter of a time till that line will break (IMO)
We have a major bearish divergence (black arrows).
IF it breaks that trendline around 30500. The next support trendline will be much much lower.
On that trendline we also can find the 200EMA (depending when but around 20700)
FIB 61.8°(around 18300) the same like the bottom from Corona
If you look at 2008-2009 DJI crossed the 200EMA (see red vertical line), when you make a copy of that and put it under the 200EMA (we get the same target 18300 FIB 61.8°)
2008-2009 was a recession, will we have another one, it's a good possibility.
There are a lot of red flags.
Big inflation influence the economy, the rate hikes to fight the inflation are also influence the economy.
We need a reset of everything, it will not fix itself.
This bubble must pop
Time will tell