Weekly chart:
Last week was very weak in the Dow Jones. At the beginning of this week, the price has had the chance to stabilize itself again. The Dow is still within a valid uptrend. In order not to jeopardize this uptrend, it must not go beyond the lower limit of the red correction zone.
Daily chart:
In this trend size we can see a valid downtrend, with the last point two at 17283 points. In accordance with this, the current correction zone extends from 17461 points to 18147 points. Unfortunately, on the way up to the top, the two 20 LPs from the day and the week are positioned so that they are opposing the market. In the short term, opportunities are more likely to be found on the lower side.
Hourly chart:
Here, too, a downtrend has been established, and is currently well into the correction. On both sides, the 20 LPs are standing in the way of the market. Insofar as a decision has not yet been taken here, I would favor the sideline.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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