$DJI Broadening Top Pattern appearance
Hello everyone,
First of all excuse my english, plus, this is my first ever Tradingview idea I decided to publish. Yay!
These days everyone talking about bear market is about to hit us, so I was like let me check $DJI and see if I can figure something :D
I consider myself a beginner with technical charts & I really like classical pattern trading so I wanted to share this with you (feel free if you want to correct me or give me some information to add to my brain :D)
This is a Weekly DJI chart that shows a Broadening Tops Pattern. this pattern appears like a (Megaphone with higher highs and lower lows that widen over time) and it considered a short-term bullish continuation.
I am not sure what to expect here as we're very close to the resistance, however, I guess we would see a short-term decline to 25-28k levels (above 200-EMA) and then volatility might increase to see a breakout.
However, someone would say, we can also see a breakout and a continuation of bull market. This is also possible. No one knows. All I can say that 2020 market is super special and I am glad trading it & I cannot wait to see what will happen.
What do you think? & Happy Trading!
Thanks,
First of all excuse my english, plus, this is my first ever Tradingview idea I decided to publish. Yay!
These days everyone talking about bear market is about to hit us, so I was like let me check $DJI and see if I can figure something :D
I consider myself a beginner with technical charts & I really like classical pattern trading so I wanted to share this with you (feel free if you want to correct me or give me some information to add to my brain :D)
This is a Weekly DJI chart that shows a Broadening Tops Pattern. this pattern appears like a (Megaphone with higher highs and lower lows that widen over time) and it considered a short-term bullish continuation.
I am not sure what to expect here as we're very close to the resistance, however, I guess we would see a short-term decline to 25-28k levels (above 200-EMA) and then volatility might increase to see a breakout.
However, someone would say, we can also see a breakout and a continuation of bull market. This is also possible. No one knows. All I can say that 2020 market is super special and I am glad trading it & I cannot wait to see what will happen.
What do you think? & Happy Trading!
Thanks,