Dow Jones 2024 Daily Chart Spike and Channel Buy Setup 42,000
Updated
I made a post yesterday about the rest of 2024 and I have more updated information. This is what I will be playing going forward. A buy set up in a spike and channel with the target of 42,000 by year end.
The teal line is the open of the 2024 yearly candle
Prices below the teal line is the bottom wick
There will be one more lower high and another pullback into the rectangle box I have set before the climb to 42,000
I am anticipating the buy in August
That will close the year around a 13% gain from high to low or 4,800 ticks.
I have my buy set at 38,774
Stop below the middle line on range box at 38,134 (650 ticks)
Target at 42,000 area for (3,400 ticks)
Around a 5 to 1 on the daily chart
The teal line is the open of the 2024 yearly candle
Prices below the teal line is the bottom wick
There will be one more lower high and another pullback into the rectangle box I have set before the climb to 42,000
I am anticipating the buy in August
That will close the year around a 13% gain from high to low or 4,800 ticks.
I have my buy set at 38,774
Stop below the middle line on range box at 38,134 (650 ticks)
Target at 42,000 area for (3,400 ticks)
Around a 5 to 1 on the daily chart
Note
This is the rare Spike and Channel pattern which indicates a more intense buying as it just grinds higher and higher. It does not offer deep pullbacksNote
On the 4 hour chart, I have market with up and down arrows the points where price rejected at inside the spike and channel and am confident that this is how the channel should be drawn as there is multiple points of contact on all three trend linesNote
Price is bouncing off the yearly open and April is the low of the year. The beginning of June is a higher low and Today was the time to buy for the rest of the year hold
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