No change since last week. The Dow has broken the very mature uptrend, thereby rendering it de facto trendless. Only the strong reversal candle from last week suggests that it may actually rise rapidly upwards once more. In this case, the Dow would be facing off against the two location point lines from the week and the month in this trend size.
In the daily chart, the downtrend can be seen clearly. The last correction zone lies between 17078 and 17536 points. The correction up until now goes to 16684 points. The futures are opening the week somewhat more weakly. So for now, the downtrend remains intact. The commencement of a new downward movement can be expected at any time.
Logically, due to the current correction in the larger time frames, a corrective uptrend has developed. This is still active even at the beginning of the week. As long as the last point three at 16288 points is not broken by the closing price, it can continue to move upwards. If this is not the case, then the likelihood of the superior downtrend starting up again is greater.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Head of Sales/Trading
AgenaTrader Trading Software
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