The Dow will fall hard is my prediction, in Wyckoff terms we first had an extreme markup and for the last year we had a distribution phase that will be followed by a markdown or a good crash, the stock market has been pumped with too much money and without the much needed corrections, so everything that rises hard will fall even harder.
Bearish market structure, look for shorts until we break a high
Distribution pattern retest/ corrective wave
Supply zone
Break of previous high inducement
Stophunt previous retail shorts
Important structure level test at 34800 where we need to close below on the daily to confirm this move
Trendline 3rd touch
Fib 78.6
MA200 daily
Above 35K psychological level combining with the uptrend retail will be going long on the dow
Buy side liquidity left on the lower levels from 2 rising trendlines will get grabbed for sure
Entry around 35100 if we get the LTF confirmations, if this level doesn't hold we look again for shorts around 35500
TP1 31.2K fib -27 lines up perfectly with the next demand zone where we expect a possible reaction
TP2 30K important level and fib -61
TP3 26.5K next big structure level
Bearish market structure, look for shorts until we break a high
Distribution pattern retest/ corrective wave
Supply zone
Break of previous high inducement
Stophunt previous retail shorts
Important structure level test at 34800 where we need to close below on the daily to confirm this move
Trendline 3rd touch
Fib 78.6
MA200 daily
Above 35K psychological level combining with the uptrend retail will be going long on the dow
Buy side liquidity left on the lower levels from 2 rising trendlines will get grabbed for sure
Entry around 35100 if we get the LTF confirmations, if this level doesn't hold we look again for shorts around 35500
TP1 31.2K fib -27 lines up perfectly with the next demand zone where we expect a possible reaction
TP2 30K important level and fib -61
TP3 26.5K next big structure level