11 July 2020 - Dow Jones MIGHT be safe for another day
For the 09 July down I was curious about where the DJI is located now
So I plotted a simple moving FBBs, using the idea of clustered Fibonacci to display the current key points
(I don't like drawing supports from the bottom, especially if it was coming out from a crash because it would be heavily affected by market sentiments. Bear in mind that the CLOSEST PREVIOUS Resistances is also relevant for their NEXT RESPECTIVE TREND).
Conclusion: As you can see, we can say with confidence that the threat of the DJI going down to zone 3 is gone. The golden thread is still relevant and now if the DJI still hold like this, we can even think about the next resistance, in my opinion that would be 26324 and 27552.
So I plotted a simple moving FBBs, using the idea of clustered Fibonacci to display the current key points
(I don't like drawing supports from the bottom, especially if it was coming out from a crash because it would be heavily affected by market sentiments. Bear in mind that the CLOSEST PREVIOUS Resistances is also relevant for their NEXT RESPECTIVE TREND).
Conclusion: As you can see, we can say with confidence that the threat of the DJI going down to zone 3 is gone. The golden thread is still relevant and now if the DJI still hold like this, we can even think about the next resistance, in my opinion that would be 26324 and 27552.
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.