Bearish case
Dow to drop 20% from ATH to be into a bear market
20% from ATH = weekly 200 EMA so banks will try and hold the price at 36k
I think it bounces here and then eventually fails and we get a big equity bear market
We have two H&S patterns that together take us below 36k if their targets are met
be a nice trade if it bounces at 36k off the 200 EMA to get in and out and add to short again without being slapped in the face. At which max bounce point off the (36k) look for the rest of the equities to go short on of stocks that have broken their key levels of support. Or look for dow stocks that are leading the way down because they already broke their weekly 200 EMA and are the weaker members of the pack.
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