DJI Bulls Fighting Downward Suction - Still I remain SHORT on DJ
Forgive the cramped analysis however I wanted to show with the Ichimoku Cloud, the Keltner Channel and the SAR indicator were the DJI came from, was heading and may be heading.
As the trends are not that clear yet on the weekly I used the daily chart.
The Keltner channel has been crossed downward first, followed by the Ichimoku base and conversion line exiting the cloud.
Then the conversion line even cross the baseline downwards really underscoring the bear market situation.
Ever since the upward price action has been close to a thin Ichimoku Cloud which tends to make a trend reversal more likely.
SAR indicator pointed up now for three consecutive daily closes which is promising.
It is also impressive that the DJI with the same speed it dropped was able to regain the 50% Fib. retracement and establish itself within reach of the 61,8% Fib. retracement.
However I remain bullish and the DJI. Despite all the money being thrown into the market by the government / FED.
We have only seen the tip of the impact of the low interest rate policy since 2008 and the trigger of the SARS-CoV-2 outbreak.
On the short-term I'd love to be wrong and see a full recovery of the DJI, but this appears to me vodoo magic and very unlikely or is likely followed by an even higher flash crash (see related idea).
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Please share, leave me a like and let me know what you see.
As the trends are not that clear yet on the weekly I used the daily chart.
The Keltner channel has been crossed downward first, followed by the Ichimoku base and conversion line exiting the cloud.
Then the conversion line even cross the baseline downwards really underscoring the bear market situation.
Ever since the upward price action has been close to a thin Ichimoku Cloud which tends to make a trend reversal more likely.
SAR indicator pointed up now for three consecutive daily closes which is promising.
It is also impressive that the DJI with the same speed it dropped was able to regain the 50% Fib. retracement and establish itself within reach of the 61,8% Fib. retracement.
However I remain bullish and the DJI. Despite all the money being thrown into the market by the government / FED.
We have only seen the tip of the impact of the low interest rate policy since 2008 and the trigger of the SARS-CoV-2 outbreak.
On the short-term I'd love to be wrong and see a full recovery of the DJI, but this appears to me vodoo magic and very unlikely or is likely followed by an even higher flash crash (see related idea).
---
Please share, leave me a like and let me know what you see.