DOW analysis update!
End of April 22, DOW made head and shoulder trend reversal pattern on its weekly charts. The detailed analysis was done at the same week. This week, however, DOW has hit its head and shoulder targets. Henceforth, in my opinion, DOW should recover because of following reasons.
A. Technically DOW has done the head and shoulder breakdown.
B. DOW has fallen around 5000 points or nearly 15% in last 6 weeks. Hence we can consider all the negative news are discounted.
C. 29500 was the previous all time high of DOW therefore it will act as a major support.
However, in very unlikely situation if DOW makes 2 consecutive big red candles below the current levels, there will be a big reason to worry. We will review our stand after few weeks.
A. Technically DOW has done the head and shoulder breakdown.
B. DOW has fallen around 5000 points or nearly 15% in last 6 weeks. Hence we can consider all the negative news are discounted.
C. 29500 was the previous all time high of DOW therefore it will act as a major support.
However, in very unlikely situation if DOW makes 2 consecutive big red candles below the current levels, there will be a big reason to worry. We will review our stand after few weeks.
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