Dow Jones Industrials: Downtrend until the 14th
Levels on chart, estimated time for the downtrend conclusion is August 14th.
I'll be monitoring the support levels below to go long.
The boxes represent the earnings season range and I plotted the 50% level, as depicted in Tim West's publications. You can clearly see the reaction to it in the chart.
I also added the 66, 253, 50 and 200 EMAs as well as the options expirations support and resistance lines indicator.
Going short now is a bit late, so I'll wait for the long entry.
If the fear spike support fails to hold, the result could be an extended decline, but it's not likely to happen yet.
Good luck,
Ivan.
I'll be monitoring the support levels below to go long.
The boxes represent the earnings season range and I plotted the 50% level, as depicted in Tim West's publications. You can clearly see the reaction to it in the chart.
I also added the 66, 253, 50 and 200 EMAs as well as the options expirations support and resistance lines indicator.
Going short now is a bit late, so I'll wait for the long entry.
If the fear spike support fails to hold, the result could be an extended decline, but it's not likely to happen yet.
Good luck,
Ivan.
