The Dow Jones index (DJI), eventually fulfilled the selling sequence of January's fractal which I mentioned as possibility on my last analysis:
The index is now very close to the Higher Lows trend-line of the February 24 Low and even though the January fractal hints to more selling, if the Higher Lows hold, I expect a rebound towards the 0.618 Fibonacci retracement level at around 34350, as in Jan. A 1D candle close below the Higher Lows though, keeps the fractal intact and we can see the 32240 Support being tested, even a new Lower Lows trend-line towards the -0.236 Fibonacci extension but for this very pessimistic scenario, a strong bearish catalyst is needed, but it's often found during earnings seasons.
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The index is now very close to the Higher Lows trend-line of the February 24 Low and even though the January fractal hints to more selling, if the Higher Lows hold, I expect a rebound towards the 0.618 Fibonacci retracement level at around 34350, as in Jan. A 1D candle close below the Higher Lows though, keeps the fractal intact and we can see the 32240 Support being tested, even a new Lower Lows trend-line towards the -0.236 Fibonacci extension but for this very pessimistic scenario, a strong bearish catalyst is needed, but it's often found during earnings seasons.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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