DOW JONES Best buy opportunity in the last 7 months.

Dow Jones (DJI) hit the bottom of the long-term Channel Up pattern by completing leg (e). This is a similar structure to the (a) - (e) sequence that bottomed on March 15. Technically this is the best buy opportunity on the index in the last 7 months. On top of that, the 1D RSI is on Higher Lows during the prices (d) - (e) wave, showcasing a huge Bullish Divergence, the first such since February 24 2022! We can't ignore however the potential 1D Death Cross formation and any bullish approach has to be adjusted short-term.

As for the target, the March rally breached marginally above the 0.786 Fibonacci retracement level, therefore giving us the framework to target 35000 (Resistance 1 + 0.786 Fib). Be careful, as failure and/ or rejection on the 34150 October 17 High, will be a bearish signal, aiming at a Lower Low, potentially near Support 2.

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