Dow30- Could yesterday's bearish engulfing announce a drop?
From the beginning of 2021, Dow Index has risen around 20% from the bottom to the top, which is phenomenal.
However, looking closely at price development, since 10 May (yellow line) the rise counts only 5%, and since mid-August's top( green line), ONLY 3%.
This for me is a clear indication that the bulls are very tired and in need of a correction.
After the recent ATH, Dow dropped hard and has started to recover at the beginning of December.
Yesterday's strong bearish engulfing can be the signal for the bears and price can drop again to recent bottom, now support.
A new ATH would negate this scenario
However, looking closely at price development, since 10 May (yellow line) the rise counts only 5%, and since mid-August's top( green line), ONLY 3%.
This for me is a clear indication that the bulls are very tired and in need of a correction.
After the recent ATH, Dow dropped hard and has started to recover at the beginning of December.
Yesterday's strong bearish engulfing can be the signal for the bears and price can drop again to recent bottom, now support.
A new ATH would negate this scenario
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