TheRealPeaches

DOW JONES: Ever The Jewel In The Crown

OANDA:US30USD   US Wall St 30
As expected, the Dow, when compared with the SPX and the NASDAQ to name two, presents the most bullish of the bunch. The recent drop was severe, but no long-term damage has been done. And while the SP500 and NASDAQ closed red last week, the DJIA closed green. This is telling us that though profit-taking has set in, bullish fundamentals underpin this market.

Although it was a large drop , we have only tested the breakout line of the 2018 Symmetrical Triangle, which is a texbook move. It would be very bullish to ride this line down, making new lows, without a breakdown.

Of course, it is too early to say if this would happen, yet it remains on the table. The possibility of making new lows cannot be ruled out, especially in light of the incoming elections.

Another, more extreme possibility is that we whipsaw down, taking out the 2018 lows, and immediately return on an upward trajectory. This would also be a textbook whipsaw, as it would take out both the previous highs and lows of 2018, confusing everyone.

As always, we need to create the technical conditions that convert the consensus into bearishness.

I remain in a long-term long position, with funds ready to buy on further drops. The purple area is important - as long as we CLOSE above there, my bullishness remains. I am long-term bullish , short-term neutral.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out