DOW JONES CPI January 11th 2024 Bullish to 39,000
I am basing my analysis on the chart and using trend analysis to determine that it is still bullish. It is not at the top but in the topping process for this second leg of 20%.
January 11th is the next major red news of CPI and I believe that will be the catalyst to propel price to its goal of 38,800-39,000 target.
Using the last 20% leg up back in October 2022, you can see how everything is playing out perfectly.
The hourly 200sma sloping down, to a curl upwards at the bottom of the move.
The trend channel's bottom lined up with the hourly 200sma
Nearing the top of the monthly up channel
Support from major red news ( FOMC Dec 13th 2023)
January 11th is the next major red news of CPI and I believe that will be the catalyst to propel price to its goal of 38,800-39,000 target.
Using the last 20% leg up back in October 2022, you can see how everything is playing out perfectly.
The hourly 200sma sloping down, to a curl upwards at the bottom of the move.
The trend channel's bottom lined up with the hourly 200sma
Nearing the top of the monthly up channel
Support from major red news ( FOMC Dec 13th 2023)
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The daily chart is still extremely bullish and has zero signals to be a bear at the moment.
