Dow Jones has hit the top of the 18 month Channel Up and is already being rejected, turning neutral on the 1D technical outlook (RSI = 51.769, MACD = 112.170, ADX = 21.784). This is a rejection that can evolve into a full bearish reversal as the 1W RSI broke under its MA trendline. This is important because every time this break out happened (dashed vertical lines), the index had technical corrections.
Inside the Channel Up those initially hit the 0.382 Fibonacci level. Consequently, we can target at least the S1 level (TP = 37,030) but it is equally likely to reach even below the 0.382 Fib and contact the 1W MA50.
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Inside the Channel Up those initially hit the 0.382 Fibonacci level. Consequently, we can target at least the S1 level (TP = 37,030) but it is equally likely to reach even below the 0.382 Fib and contact the 1W MA50.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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