Bullish divergence + MACD flip for fresh upwards momentum. Doesn't appear to be sustainable.
Needs to go over and stay above mid RSI to reinforce bullish move. Rejection at the mid-line is a sign of weakness.
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Smart Money Index bounce is weak. Downtrend channel established for the possibility of 'slow bleed' before major dip.
In another scenario, DJI could rally one final time before a larger/longer sell off
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looks like the second scenario is in play
broken downtrend channel = more upside action
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blood bath.
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small buyers are trying to reverse this market, based on this formation. any movement up will be weak and met with strong resistance
but yes, it can still go higher from here before a major corrective wave
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as mentioned earlier, a major driver for upside action is for RSI to maintain its upward momentum, above 50+. It did not do that - based on the chart above
Hello Moon! Thank you for posting this. Do you think todays weakness is enough to determine a rejection of the mid-line? I personally believe we are headed into a small 2 week sell off. Do you agree or disagree? Thank you for your analysis.
MoonPickle
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@Lawtyrant, a small 2 week sell off is plausible, since the downtrend channel on the D1 TF chart is still intact
new updates above, which establishes a secondary scenario in the event the downtrend channel is violated