UPDATE: Dow Jones almost reaching target at 37,242SInce the price broke above the breakout pattern, the price has been moving on a strong but unsustainable inclination trend.
Yes, it will most likely hit the initial target 37,242 as we're almost there.
But, we also need to consider that in the next three weeks, we could have some consolidation range.
This doesn't mean, we should expect a crash afterwards. On the contrary with the US dollar weakening and with the interest rate hike on hold - means we should expect futher upside in 2024.
But I'll let you know...
Buydow
Dow Jones on a continuous and strong uptrend in 2023Raising inclination trend has confirmed on the Dow Jones.
What this means is that the rising trend is going up at a higher degree.
A normal trend is around 45 degrees. A stronger trend is 60 degrees. and once it starts rallying above 60 degrees this is where GREED kicks in and you should prepare for downside.
Also there is a strong Rising Channel which I'm sure countless range traders are loving at the moment as well as Trend traders.
Price>200
RSI>50
Target 37,000
DowJones Near-End Cycleafter following up with the expanding triangle on the weekly chart, we can see a clear five waves up on this final wave on the Dowjones.
the current price is suggesting a near end of the fifth and final wave of the whole impulsive wave.
usually wave five can be equal legs with wave 1 or extended wave, as you can see in the above analysis the black lines near wave 1 and 5 are cloned for the targets of the normal and extended targets.