DJI
Looking at DJI on the 2 month chart
Technicals:
* Fib study done off the entire range
* Price bounced back from the .382 fib also leaving one hell of a tail that eventually get eaten
* Tail size approximately 33%
* Many gaps especially on a 2 month chart
* Histogram has made a LL
* W%R has been heavily over bought and also embedded
* RSI has had a bearish divergence in play since 1998 :O
Generally the market like to take back 50% of value in a recession and so far we've seen DJI take back around 38%. Going back to previous years of 2009 lost 54%, 2000 lost 39%, 1987 lost 41%, 1932 lost 89% so backed by historical data.
My other concern is that it was left a very long tail and tails usually like to be eaten meaning filled in 91% of the time. I still think we have a few rough years to go.
Technicals:
* Fib study done off the entire range
* Price bounced back from the .382 fib also leaving one hell of a tail that eventually get eaten
* Tail size approximately 33%
* Many gaps especially on a 2 month chart
* Histogram has made a LL
* W%R has been heavily over bought and also embedded
* RSI has had a bearish divergence in play since 1998 :O
Generally the market like to take back 50% of value in a recession and so far we've seen DJI take back around 38%. Going back to previous years of 2009 lost 54%, 2000 lost 39%, 1987 lost 41%, 1932 lost 89% so backed by historical data.
My other concern is that it was left a very long tail and tails usually like to be eaten meaning filled in 91% of the time. I still think we have a few rough years to go.
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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.