DJI Dead Cat Bounce to start Wednesday
Daily Godmode on
DJI
is bottomed out, Daily RSI is in the 20s, and the market closed at a key support.
A retest of the breakdown level at 23500 is expected, although it could get caught on the 0.382 fib halfway to the support/resistance level. I will be taking profit with two orders, one at the 0.382 fib and the other at 23475.
DJI
is bottomed out, Daily RSI is in the 20s, and the market closed at a key support. A retest of the breakdown level at 23500 is expected, although it could get caught on the 0.382 fib halfway to the support/resistance level. I will be taking profit with two orders, one at the 0.382 fib and the other at 23475.
I typed this update out after market close on Christmas Eve, and it's been sitting unposted in my browser all :-(
If you aren't already in long, I wouldn't chase - much better to wait for a 1h/4h/1d (depending on the timeframe you trade) higher low to make entry - set SL to execute in the event of a lower low. This *should* retest the breakdown level, but the brutality of the bearish impulses has been consistently surprising me (didn't even make a daily HS at all time high, just dumped to hell.... Hence the split TP orders.