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Dow Jones – market prognosis for calendar week 34/2015

AgenaTrader

Weekly chart:

In the big picture, the 20 location point line has proven its relevance once again. After the price ran exactly up to the line, enough buyers entered the market at that point to send the Dow up to the top once more. However, it was still not quite a proper reversal, since the high was also sold off again. From the perspective of the Dow Theory we are still in an uptrend, but are extremely deep into the correction. Anyone working in this trend size could, however, hazard a long trade with a tight stop loss beneath the correction zone.

Chart1

Daily chart:

Here we can see the rebound at the 20 location point line from the monthly chart in even more detail. Nonetheless, the daily chart remains in a valid downtrend and in the correction here. The fact that the 20 LPs from not only the day but also the week are running steeply from above to below may well be detrimental. This should call many sellers into action.

Chart2

Hourly chart:

The rebound from the 20 LP from the monthly chart has created a new uptrend. This itself is, in turn, already in the correction. The last outbreak above the point two at 17463 points did not prove successful. The goal for a renewed outbreak could be in the region of the 20 LP from the daily chart.

Chart3

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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