Dow in Throwover: Short Entry
The slip-slide has begun. Could surprise us with a last-ditch retest from here, but futures are grim and price action = bearish.
After an exhaustion gap - up we had a shooting star doji on the 2-hours 8/7 and an engulfing bear candle 8/8 end of day.
High probability given these signals the Dow is in throwover. A sharp decline might ensue following rejection from 25688 on 8/7.
See links to my other posts re: possible depth of a pullback. Bear in mind real possibility of this being a left shoulder & head formation, with right shoulder still to come.
Enter shorts with caution and keep stops tight in event of a final rally attempt back to the 25630 area. Retest of lower channel line seems unlikely but possible.
Target zone R1: 25240 -25360; R2: 24940 - 25060. R3 24660 - 24780. Expect a powerful bullish pivot leading to a breakout wave up from channel.
After an exhaustion gap - up we had a shooting star doji on the 2-hours 8/7 and an engulfing bear candle 8/8 end of day.
High probability given these signals the Dow is in throwover. A sharp decline might ensue following rejection from 25688 on 8/7.
See links to my other posts re: possible depth of a pullback. Bear in mind real possibility of this being a left shoulder & head formation, with right shoulder still to come.
Enter shorts with caution and keep stops tight in event of a final rally attempt back to the 25630 area. Retest of lower channel line seems unlikely but possible.
Target zone R1: 25240 -25360; R2: 24940 - 25060. R3 24660 - 24780. Expect a powerful bullish pivot leading to a breakout wave up from channel.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.