Is Dow's correction really over?
As we all know, Dow30 (All American indices in fact) started to drop since the beginning of the year.
However, looking at a longer chart we can see that this drop is overlapping suggesting correction.
At the beginning of October, Dji made a new low under 30k, followed by a second drop in that zone, making a small double bottom.
After the break back above 30k, the index traded to the upside in a very nice and constructive way and recently also broke above the falling trend line.
If this is a bull trap or not remains to be seen, but strictly technical, the index is bullish at this moment and it will stay this way as long as the price is above 32k.
A break above 34k would call for further gains and February's 36k high could be the target.
However, looking at a longer chart we can see that this drop is overlapping suggesting correction.
At the beginning of October, Dji made a new low under 30k, followed by a second drop in that zone, making a small double bottom.
After the break back above 30k, the index traded to the upside in a very nice and constructive way and recently also broke above the falling trend line.
If this is a bull trap or not remains to be seen, but strictly technical, the index is bullish at this moment and it will stay this way as long as the price is above 32k.
A break above 34k would call for further gains and February's 36k high could be the target.
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Penafian
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