DJIA long-term broadening wedge is coming to an end
Â
DJIA has been developing broading wedge pattern from 2016. As you can see on the monthly chart, price action is indicating another rejection from a falling trend line 35000 level. a break below 34300 and 34000 will lead to a complete downside reversal from the latest upside swing higher.
Â
The weekly chart we can see that this falling trend line rejection is also supported by Fibonacci 61.8% retracment level upside resistance. This confluence of the resistance could be an intro to downside continuation which will be confirmed and accelerated upon a break below 34000.
Â
JOIN TRADER’S CLASSROOM TO LEARN A PERFECT ENTRY AND EXIT TIMING IN ALL ASSET CLASSES
On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
Does that sound like you?
Go Premium to read full trading strategy with parameters of entry, stop loss, and exit. Why Premium?
We have used the combination of the top-down trading analysis to get these critical levels explained in the charts. Also, you can see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Trader’s classroom.
