DOW JONES INDUSTRIAL- ELEVATOR DOWN 11%DOW JONES INDUSTRIAL AVERAGE INDEX
1Hour Timeframe
Short term idea: SHORTING
Hello there and welcome!
This one will be a quicky:
-RSI: We can observe, RSI making lower lows as well as lower highs. The price
-Volume: Volume is decent, but declining. It is weaker than the days before. Might turn to a bearish trend, when it first lowers and then rises while dropping to the next support zones, at what point we want to see high volume again, to determine a (temporary bottom).
-Fibonacci Tool: The Index is at the 50% retracement exactly. While we dropped down from the all-time high, this is the retracement. In this retracement, we are currently back up 50%, which is an absolutely normal counter-move of a big bearish drop. In most cases, the bear trend continues. I would not give too much about the fib-levels, though many people using it, there might be some information about market behavior.
-As you can see, the market tried to push through the 50% retracement level 4 TIMES. This is the fourth time, and each attempt became weaker and weaker...
Expectations: I expect a decline to 20800 in the coming days! From that point, we will manage our trades again and rethink!
Have a nice day,
your german-quality-trader
