DJIA: mid-term downward movement and a short-term long in the mapped channel on 4H
Short-term is a possible flag of the mid-term, but still no break.
Correction of the last downward move to 38.2% levels of Fibonaci
3 even maximums on the last two bars, which forms a line of resistance at 16265
Indicators are at negative territory CCI(50) under 0, RSI under 50
No price action signal for a short, but move stays negative and every fake break over 16265 is a possible entry for a sell
Possible places for new short positions around resistance levels of 25 EMA 16275-8
Stefan D. Angelov – Head of Stocks Trading