DOW JONES DJI SHORT. Time for pullback?!
Updated
Nevermind my chaotic chart.
DJI has had a nice upward retracement to the 50% fib level at 23800. Could retrace further to the next fib lvl at 25200. Enter short between those.
I dont think the DOW can exceed the 50% fib level, as that is seen in many markets.
200 weekly MA is at 23700.
A weekly close (today) below 23600 would be bearish, since we then have a red weekly candly
penetrating 23300 would be really bearish canceling its uptrend since the 18k low.
breaking this overhead resitence @ 24100 would be bullish and i would be most likely close the short somewhere above it, and reasses.
DJI has had a nice upward retracement to the 50% fib level at 23800. Could retrace further to the next fib lvl at 25200. Enter short between those.
I dont think the DOW can exceed the 50% fib level, as that is seen in many markets.
200 weekly MA is at 23700.
A weekly close (today) below 23600 would be bearish, since we then have a red weekly candly
penetrating 23300 would be really bearish canceling its uptrend since the 18k low.
breaking this overhead resitence @ 24100 would be bullish and i would be most likely close the short somewhere above it, and reasses.
Trade closed: stop reached
Looks like it is using these levels more as a trampoline. Closing strong with the weekly candle, above the 200 weekly MA, above fib level, above support level.I would suspect the markets rallies higher, but a V-shaped recovery is a far stretch. Wait for more bullishness in the MSM as a contrarian indicator and at least falling below its orange uptrend, For going short if you want confirmation.
Note
Did go below the uptrend - Bearish signal!!
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