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tradewithmitra

Dow futures idea for short and medium term

Kontrak Berjangka E-MINI DOW JONES ($5) (CBOT_MINI:YM1!)  
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CBOT_MINI:YM1!   Kontrak Berjangka E-MINI DOW JONES ($5)
Trend Analysis Chart Patterns Technical Indicators DOW megaphone priceaction 200ma Rising Wedge
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trendanalysis chartpattern indicator dow megaphone priceaction 200ma risingwedge
On a daily chart, DOW has closed below 200 MA which calls for a bearish sign. However, there is still some support for the rising wedge.

The trendline has broken very strongly on weekly.

I think we are close to a halfway mark on correction; possibly 4-5% is still left to go. After that, we should see some possible reversal due to the confluence of:
  • - reaching 23.6% on Fibonacci level;
    - support at the megaphone pattern;
    - the target of the wedge would be met; and
    - most of the big tech stock would also be at support.



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