Excuse the Blue lines, they are my Daily S/R's
The main focus is that beautiful ascending trend line, which is drawn from the beginning of the recovery from the last economic crash. For me this represents very strong support and as we can see price has fully rallied above the line forming (at present a massive pin bar) I don't expect this to change much by Friday. Next week will be very interesting given this candle formation and we should see fully rallying. If the weekly closes this strong It'd be safe to say the market crash (for the Dow at least has been thwarted/prolonged for now)
Thanks,
Happy Trading
Chartster.
The main focus is that beautiful ascending trend line, which is drawn from the beginning of the recovery from the last economic crash. For me this represents very strong support and as we can see price has fully rallied above the line forming (at present a massive pin bar) I don't expect this to change much by Friday. Next week will be very interesting given this candle formation and we should see fully rallying. If the weekly closes this strong It'd be safe to say the market crash (for the Dow at least has been thwarted/prolonged for now)
Thanks,
Happy Trading
Chartster.
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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.
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.