DOW JONES: Correction imminent. Buy at the right time.

Dow Jones made new All Time High yesterday and today reached the 0.786 Fibonacci Channel level of the 14 month Channel Up pattern. Needless to say it is massively overbought on the 1D timeframe (RSI = 79.702, MACD = 696.100, ADX = 90.584). The sheer strenght of this rise since the October 27th bottom can only be compared to the first rise of the Channel in October-November 2022.

After almost reaching the 0.786 Channel Fibonacci level, it pulled back to the 0.236 horizontal Fibonacci and then moved to a +19% rise before a consolidation that made the Channel's blow off top. Consequently, we cease our buying at the moment and will wait for that short term correction to the 0.236 Fibonacci (36,160). This will be our next buy entry to target the +19% extension (TP = 38,450).

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