Dow Jones Industrial Average Index Analysis (Lower High = Short)

The DJI broke its January downtrend in early November this year but also closed the week full red/bearish.

Make sure to read my S&P 500 Index (SPX) analysis before reading this one.
Check the "Related Ideas" at the bottom of this post.

The SPX and DJI are like Bitcoin and Ethereum, they move together.
Sometimes one can move ahead of the other and we see small variations but its ultimately all the same.

As I just mentioned, the DJI hit a new high in its Sept.-Nov. correction yet multiple bearish signals are already in.

We have a rising wedge pattern that already broke bearish.
The last three candles combined form a bearish pattern as well... What was the name...

Anyway, support will be found first at EMA10/EMA21/EMA50 or the following range, 32,328 and 32,973. This is short-term.

We do have this support but it isn't like to hold after 3 months of upward correction, the Nov. peak compared to Jan. is still a lower high...

The 29,900/30,000 can come into play short-term (within 1 month) but also the lower levels mid to long-term.
These are marked on the chart with light blue.

If you want to see the long-term targets, visit this trade idea from May 24, 2022 | 11 Trade Ideas Predicting The DJI Crash | Where Is The Bottom?

Thank you for reading.

Namaste.