Overview: The tendencies in the Dow are pointing more towards the north again.
Daily chart:
The primary trend is still aiming upwards. The path into the blue correction zone was, however, carried out via a downtrend, which must still be designated as active. In addition, the index still has the 20 location point line ahead of it. This should be overcome at the very least in order to increase the probability of a general continuation of the trend.
Hourly chart:
Due to the sharp rise of the last two days, the hourly chart has also entered into a new uptrend. This uptrend is currently meeting with resistance in the area of the 20 location point line from the daily chart. However, as long as the blue correction zone is not undercut by the closing price, then a continuation of the uptrend can be expected at all times. The green arrows show that we can speculate on long at any time in the correction zone.
All the best,
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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