Time To Short The DOW Again?
Hello Fellows!
I hope you are all doing great!
Price action in the DOW has been pretty choppy lately, but after today's CPI release it might go a bit higher on the back of the 'idea' of a rate cut, albeit a poor one.
Currently, we have yet another 'Butterfly' nearing completion, or so it seems. The idea is to go short at the 127.2 extension, roughly 39300 points, marking the D point.
It should be noted that the D point almost coincides with the previous area of interest posted on Friday, 23rd Feb 2024.
S/L should be just above the 161.8 extension, around 39500 points, well above the previous Dinapoli MACD turn.
As for T/P, I think a 61.8 % AD retracement should be a good target.
Take care, trade safe and stay dandy!
Note: The information created and published here is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
I hope you are all doing great!
Price action in the DOW has been pretty choppy lately, but after today's CPI release it might go a bit higher on the back of the 'idea' of a rate cut, albeit a poor one.
Currently, we have yet another 'Butterfly' nearing completion, or so it seems. The idea is to go short at the 127.2 extension, roughly 39300 points, marking the D point.
It should be noted that the D point almost coincides with the previous area of interest posted on Friday, 23rd Feb 2024.
S/L should be just above the 161.8 extension, around 39500 points, well above the previous Dinapoli MACD turn.
As for T/P, I think a 61.8 % AD retracement should be a good target.
Take care, trade safe and stay dandy!
Note: The information created and published here is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
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