Dow Jones Industrial Average - D1 TF - More Upside Action
Bullish divergence + MACD flip for fresh upwards momentum. Doesn't appear to be sustainable.
Needs to go over and stay above mid RSI to reinforce bullish move. Rejection at the mid-line is a sign of weakness.
Needs to go over and stay above mid RSI to reinforce bullish move. Rejection at the mid-line is a sign of weakness.
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looks like the second scenario is in play
broken downtrend channel = more upside action
broken downtrend channel = more upside action
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blood bath.
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small buyers are trying to reverse this market, based on this formation. any movement up will be weak and met with strong resistance
but yes, it can still go higher from here before a major corrective wave
but yes, it can still go higher from here before a major corrective wave
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as mentioned earlier, a major driver for upside action is for RSI to maintain its upward momentum, above 50+. It did not do that - based on the chart above
In another scenario, $DJI could rally one final time before a larger/longer sell off