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Sergey Golubev, 2016.12.29 07:51
Dow Jones Industrial Average Intra-Day Tecgnicals (based on the article)
"Based on the consolidation that began December 14, it does appear as though DJIA may dip slightly to finish the consolidation pattern. A dip appears poised to move towards 19,750-19,840. At this point, we do not think it will extend much, but could work its way back down towards 19,000-19,250. The medium term pattern does appear incomplete to the upside. Therefore, we anticipate the dips would be supported near one of the previously cited levels."
- "If price moves below 19,000 it may become an early warning signal that another pattern is at play and we will have to reassess the wave relationships. Below 18,600 we will abandon the pattern altogether."
- "If prices are supported and move higher, the next level of wave relationships show up near 21,378. It would take a successful breakout above 20,000 for us to consider focusing on the higher level."
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DJIA January-March 2017 Forecast: long-term bullish; resistance level at 19,987 is the key
W1 price is located above Ichimoku cloud in the bullish area of the chart: the price is on testing 19,987 resistance lkevel to above for the primary bullish market condition to be continuing. The price is located within the following support/resistance levels:
- 19,987 resistance level located above Ichimoku cloud in the bullish trend to be resumed, and
- 19,225 support level located in the beginning of the correction to be started.
Chinkou Span line is located above the price indicating the ranging condition in the future, Trend Strength indicator is estimating the trend as the primary bullish, and Absolute Strength indicator is evaluating the future trend to be ranging bullish. Tenkan-sen line is above Kijun-sen line for the bullish trend to be resumed.Trend:
W1 - bullish