DJI (Wall Street) - an important decision point.
Diupdate
The chart shows either a wedge (broadening descending) or a parallel channel. It is important because the former more times than not is an indication of probable reversal northward. The latter (the channel) creates more probability for the south.
As many will know much of the volatility in the last few days has been related to the US-China trade talks and uncertainties arising.
Mr Trump has threatened (and part implemented) a new wave of tariffs on Friday 10th May 2019. The price action was actually crazy on 10 - 15 min time frames. Price collapsed to around 25500 and suddenly reversed when the Chinese gave some positive word on outcomes. That word was nothing great.
This market is on a knife edge. It's amusing as it is amazing how 'sentiment' about this trade deal (comprised of hope, greed and fear), rules this market.
The possible patterns shown highlight some of the difficulties in trading. What appears to be a channel could become a wedge. The projections are speculative.
Disclaimer: This post makes no recommendation about direction of trading. My personal position is short which is not an encouragement to short this market. Your losses are entirely your own should you make decisions based on this technical picture.
As many will know much of the volatility in the last few days has been related to the US-China trade talks and uncertainties arising.
Mr Trump has threatened (and part implemented) a new wave of tariffs on Friday 10th May 2019. The price action was actually crazy on 10 - 15 min time frames. Price collapsed to around 25500 and suddenly reversed when the Chinese gave some positive word on outcomes. That word was nothing great.
This market is on a knife edge. It's amusing as it is amazing how 'sentiment' about this trade deal (comprised of hope, greed and fear), rules this market.
The possible patterns shown highlight some of the difficulties in trading. What appears to be a channel could become a wedge. The projections are speculative.
Disclaimer: This post makes no recommendation about direction of trading. My personal position is short which is not an encouragement to short this market. Your losses are entirely your own should you make decisions based on this technical picture.
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