Time To Short The DOW Again?
Hello Fellows!
I hope you are all doing great!
Price action in the DOW has been pretty choppy lately, but after today's CPI release it might go a bit higher on the back of the 'idea' of a rate cut, albeit a poor one.
Currently, we have yet another 'Butterfly' nearing completion, or so it seems. The idea is to go short at the 127.2 extension, roughly 39300 points, marking the D point.
It should be noted that the D point almost coincides with the previous area of interest posted on Friday, 23rd Feb 2024.
S/L should be just above the 161.8 extension, around 39500 points, well above the previous Dinapoli MACD turn.
As for T/P, I think a 61.8 % AD retracement should be a good target.
Take care, trade safe and stay dandy!
Note: The information created and published here is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
I hope you are all doing great!
Price action in the DOW has been pretty choppy lately, but after today's CPI release it might go a bit higher on the back of the 'idea' of a rate cut, albeit a poor one.
Currently, we have yet another 'Butterfly' nearing completion, or so it seems. The idea is to go short at the 127.2 extension, roughly 39300 points, marking the D point.
It should be noted that the D point almost coincides with the previous area of interest posted on Friday, 23rd Feb 2024.
S/L should be just above the 161.8 extension, around 39500 points, well above the previous Dinapoli MACD turn.
As for T/P, I think a 61.8 % AD retracement should be a good target.
Take care, trade safe and stay dandy!
Note: The information created and published here is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.