Dow Jones / US30 remains under heavy selling pressure as it has been yet again rejected under the 1week MA50, failing to hold the closings over it of the past 3 candles.
This is the strongest correction of the index since the September 26th 2022 bottom and the start of the Channel Up.
Despite the negatives, the 1week RSI is almost on the 37.50 level, which is where the last higher low of the Channel Up was formed on October 23rd 2023, again under the 1week MA50.
Obviously even though the downside may continue for a few more days, the extent is limited technically, especially since the worst of the tariffs have been priced and only new and more aggressive ones can inflict more non-technical fear on the market.
This is a unique long term buy opportunity, the likes of which saw 2 rallies before of +21.10%.
Even in the event of one more dip, a 48000 target towards the end of the year is very realistic.
Follow us, like the idea and leave a comment below!!
This is the strongest correction of the index since the September 26th 2022 bottom and the start of the Channel Up.
Despite the negatives, the 1week RSI is almost on the 37.50 level, which is where the last higher low of the Channel Up was formed on October 23rd 2023, again under the 1week MA50.
Obviously even though the downside may continue for a few more days, the extent is limited technically, especially since the worst of the tariffs have been priced and only new and more aggressive ones can inflict more non-technical fear on the market.
This is a unique long term buy opportunity, the likes of which saw 2 rallies before of +21.10%.
Even in the event of one more dip, a 48000 target towards the end of the year is very realistic.
Follow us, like the idea and leave a comment below!!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
TheCryptagon offers news & insights on global markets (crypto, forex, stocks, commodities). Follow so you don't miss anything!
🤑Message us for private forex & crypto signals in our VIP channel (70% accuracy)!💰
TELEGRAM: t.me/thecryptagon
🤑Message us for private forex & crypto signals in our VIP channel (70% accuracy)!💰
TELEGRAM: t.me/thecryptagon
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.