DOW Are we due for correction now ?

18 Ağu 2021

Hi everyone:

Here on DOW JONES, we can see that price has been consolidated in the HTF structure for quite some times now, forming a corrective ascending structure.

Latest price corrects itself up in a smaller ascending channel, and formed double tops before reversing down in an impulse phase.

This is all good indication the bullish momentum is exhausted, and a possible reversal price action can begin on the lower time frame.

To confirm further downside move, watch for lower time frame bearish price action to form and complete, before entering any sell entries.

IF price does indeed push lower and impulse out of the HTF correction, then if we get further bearish continuation price action, then the next impulse may continue.

Thank you

HTF:

18 Ağu 2021

Not

20 Ağu 2021

Not

Close down for +1% profit.