Dow Jones Breaking Away from Bullish Structure
The Dow climbed at first and broke previous high but started to reverse and fell steadily throughout the last two trading days.
The bearish trend has resulted in the breakaway from a bullish structure as it broke below the bottom of a rising channel.
Previously, the price has also broken below the bottom of a rising wedge thus the recent break has put a stop to the recovery.
In the H1 chart, the price has fallen extensively and could pull back significantly before attempting to fall further.
This could also lead to a period of ranging market before the market truly reverses and establish a new bearish trend.
This week, traders can wait for the price to pull back, preferably towards 24000 or slightly beyond to sell at a higher price.
Otherwise, if the direction is unclear, just sit back and observe for more clues.
The bearish trend has resulted in the breakaway from a bullish structure as it broke below the bottom of a rising channel.
Previously, the price has also broken below the bottom of a rising wedge thus the recent break has put a stop to the recovery.
In the H1 chart, the price has fallen extensively and could pull back significantly before attempting to fall further.
This could also lead to a period of ranging market before the market truly reverses and establish a new bearish trend.
This week, traders can wait for the price to pull back, preferably towards 24000 or slightly beyond to sell at a higher price.
Otherwise, if the direction is unclear, just sit back and observe for more clues.
